The bulls, emboldened by a Fed Governor’s dovish statements last evening, resurrected the “don’t fight the Fed” bandwagon and stocks soared to the upside right from the beginning of the trading session. No, oil didn’t really participate in today’s assets rally, but at least it did not go down. Amazing, the market averages find themselves higher than where they started the week, despite Monday’s beat down.
By the close, the Dow Jones Industrial Average was up 323 points to finish the day at 17,907. The S&P 500 was up 36 points to close at 2062. Gold was down $2 to trade at $1208 per ounce, while oil was up $.08 to trade at $48.73 per barrel WTI.
All this action this week leads us up to the non-farm payroll number tomorrow. After what we have seen in recent trading sessions, I wouldn’t even want to guess what tomorrow’s action will be like. The consensus for tomorrow’s jobs number is 245,000 new jobs for December with some “guesses” as high as 305,000. Let’s see what the number is and how the market reacts. It should be interesting.
Have a nice evening everyone.