Today felt like a trading day during a holiday shortened week. Stocks moved higher right from the opening bell and were able to methodically add to their gains throughout the trading session. Bond yields moved lower and that has been the recipe for higher stocks lately. Are market participants correct in thinking that we might have seen the peak in inflation and that the Fed might be able to take the foot of the pedal sooner than later? Seems too early to make that call.
As for today, by the close the Dow Jones Industrial Average was up 397 points to finish the day at 34,098. The S&P 500 was up 53 points to close at 4,003. The Nasdaq Composite Index was up 149 points to close at 11,174. Gold was up $1 to trade at $1,740 per ounce, while oil was up $1.14 to trade at $81.18 per barrel WTI.
I would expect things to be quiet tomorrow with Thanksgiving on Thursday and a shortened trading session on Friday, but of course we will see. In the meantime let’s see how tomorrow plays out first.
Have a nice evening everyone.