Wall Street ends sharply higher with assist from tech; investors eye Trump policies
By Stephen
Culp
Fri January 3, 2025 4:16 PM
Well, the indexes were way up right at open and stayed that way all day. You could say that Santa Claus finally showed up on the final day of the legendary rally. Or you could say that investors finally decided that prices had gone low enough so went on some bargain hunting. One could also say that, despite the lingering fears of inflation-stoking tariffs, the markets decided on this final day to instead focus on pro-business policies expected from a Trump administration.
Today the PMI also came in higher than expected, its highest since March and Richmond Fed Prez Barkin said that the 2025 outlook was positive. Today the timeframe for Santa Claus has expired but keeping in mind that the 1.8% average rise since 1969 is just that, an average. In fact, the Santa Claus boost has only happened 3 out of 4 times which means we were due for a lapse. After all, there were considerable uncertainties this time that put a damper on things, and Wall Street should have been ready for that instead of clinging to the usual patterns of either undue pessimism or undue optimism. Volume came in at 14.1 billion vs the 14.9 4-week average. (It’s still being called light trading but, being so close to the average, how is it light?)
DJ: 42,392.27 -151.95 NAS: 19,280.79
-30.00 S&P: 5,868.55
-13.08 1/2
DJ: 42,732.13 +339.86 NAS: 19,621.68 +340.88 S&P: 5,942.47 +73.92 1/3
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