Stocks begin this holiday shortened week with a nice rally today. The market averages moved up nicely at the open and basically held serve for the rest of the trading session. It’s not unusual for Thanksgiving week to be a good one for the bulls. Since 1945 stocks have been up about 75% of the time during the week of Thanksgiving.
For the day, the Dow Jones Industrial Average was up 190 points to close at 28,066. The S&P 500 was up 23 points to finish the day at 3,133. Gold was down $8 to trade at $1,455 per ounce, while oil was up $.27 to trade at $58.04 per barrel WTI.
We will get a speech from Fed Chair Jerome Powell this evening, and tomorrow we’ll get new home sales and the Case-Shiller home price index. We’ll also get a look at durable goods on Wednesday along with a revised 3rd quarter GDP number. So, though a holiday shortened week, it is still a week with notable data. We’ll keep you informed while you prepare the menu for Thursday.
Have a nice evening everyone.