Buoyed by positive comments about a trade deal with China (yes, I actually laugh a bit when I type it), stocks moved higher today in a somewhat quiet and deliberate manner. The trade deal with China headlines are almost a daily occurrence and thus the power of the headlines have mainly diminished- except for today. This market continues to lean north and any headline that isn’t detrimental appears to be used as a reason to buy. Today, the fear of missing out was more powerful than the fear of heights.
By the close, the Dow Jones Industrial Average was up 222 points to finish the day at 28,004. The S&P 500 was up 23 points to close at 3,120. Gold was down $6 to trade at $1,467 per ounce, while oil was up $1.02 to trade at $57.79 per barrel WTI.
It appears with the Fed firmly backstopping the economy (and the stock market), and with earnings season mainly behind us, the bulls might have clear sailing into year end. Of course, there are impeachment hearings going on and the likelihood of a trade deal with China changes on an hourly basis, so there are a few icebergs that the bulls may have to avoid as they steer towards Christmas Island. But, at the moment, the bulls are in charge and the beleaguered bears can only watch.
Have a nice evening everyone.