Investors continue to look for signs that the Fed is closer to the end of their rate hike cycle than not, and today the word was that the Fed would like to consider slowing the pace after the coming November hike. The problem the Fed has is that when they even consider hinting that they might pause, stocks move higher and remember they don’t want stocks to go higher. Ironic, isn’t it? The earnings picture has been more mixed in the last couple of days (healthcare companies Tenet and HCA both disappointing today), but stocks charged higher anyway.
For the day, the Dow Jones Industrial Average was up 748 points to finish the day at 31,082. The S&P 500 was up 86 points to close at 3,752. The Nasdaq Composite Index was up 244 points to close at 10,859. Gold was up $23 to trade at $1,659 per ounce, while oil was up $.53 to trade at $85.04 per barrel WTI.
In the end it was a very good week for stocks, despite the continued uncertainty with regards to the economy and the Fed. We’ll just enjoy the rally for now and see what unfolds next week when we get earnings reports from 3M, Google, Apple, GE, Haliburton, Coca-Cola, GM, Kraft Heinz, Merck, McDonalds, Abbvie, Chevron and Exxon just to name a few. Stay tuned.
Have a great weekend everyone.