More political wrangling, as the dueling press conferences continue. If it hadn’t already, it is now becoming comical. When all was said and done, traders decided to buy a little bit of yesterday’s dip and stocks staged a modest rally. It seems that market participants still believe that something will get done before too long in terms of the “fiscal cliff”, and Armageddon will be avoided. Seems logical, but with politicians logic isn’t always applied.
Anyway, by the close the Dow Jones Industrial Average was up 59 points to finish the day at 13,311. The S&P 500 was up 7 points to close at 1443. Gold was down $17 to trade at $1650 per ounce, while oil was down $.10 to trade at $89.88 per barrel WTI.
The House will have the meaningless vote later today or tonight, and pass a bill that the Senate won’t even consider. Maybe when they all leave town over the weekend, the President and the Speaker will hammer out a deal. We’ll let you know how the week ends tomorrow.
Have a nice evening everyone.