Stocks mainly spent the week digesting last week’s massive rally after the CPI number came out. Fed officials continue to talk tough, but once again it appears that market participants still think that we’ve seen the peak in inflation and that rate hikes will dwindle after the December FOMC meeting. The bulls have to be pleased that we didn’t give all of last week’s gains back to the bears so as we look into Thanksgiving week, the bulls tentatively hold the high ground.

As for today, by the close the Dow Jones Industrial Average was up 199 points to finish the day at 33,745. The S&P 500 was up 18 points to close at 3,965. The Nasdaq Composite Index was up 1 point to close at 11,146. Gold was down $11 to trade at $1,751 per ounce, while oil was down $1.45 to trade at $ 80.19 per barrel WTI.

Stocks usually do well the week of the Thanksgiving holiday so it will be interesting to see if the bulls can keep up the pressure on the bears. We will see.

In the meantime, have a great weekend everyone.

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