It was a quiet day of trading as the bond market was closed for Veteran’s Day, but the bulls were able to fend off any attempts by the bears to tarnish yesterday’s massive rally.
By the close, the Dow Jones Industrial Average was up 33 points to finish the day at 33,748. The S&P 500 was up 36 points to close at 3,993. The Nasdaq Composite Index was up 209 points to close at 11,323. Gold was up $16 to trade at $1,770 per ounce, while oil was up $2.67 to trade at $89.14 per barrel WTI. Nasdaq was up over 9% in two days. That’s amazing!
Though the election results which likely results in gridlock was welcomed by market participants, the big news of the week was the possibility that we have seen the peak in inflation. Of course, it is way too early to claim victory but at least we have a CPI number in our pocket that was finally showing a downward move. It was a big ending to the week for stocks. Let’s see how things play out next week.
Have a great weekend everyone.