It was a headlines type of day. Good news on the vaccine front sent stocks decisively higher in early trading, then China tension headlines erased those early gains. But, as the afternoon wore on the bulls were able to push stocks back into higher territory. Again, we saw a little broadening out as industrials, materials and even banks (economically sensitive sectors) were winners along with the beleaguered small caps.
By the close, the Dow Jones Industrial Average was up 227 points to finish the day at 26,870. The S&P 500 was up 29 points to close at 3226. Gold was up $1 to trade at $1,813 per ounce, while oil was up $.72 to trade at $41.01 per barrel WTI.
This has been a very headline driven market, especially when medical headlines are involved. We rally on vaccine news, then stumble when the reality of a struggling economy hits the headlines. But, when all is said and done, there is still a massive amount of liquidity searching for return. That’s been the thorn in the side of the bears who are becoming extremely frustrated. Let’s see if the bulls can continue to confound those frustrated bears.
Have a nice evening everyone.