Friends

This morning’s delayed November inflation data came in a lot better than expected. Headline inflation came in a 2.7% while analysts had expected a number north of 3%. Excluding food and energy the number was 2.6% and better than expected. Market participants were pleased, well at least the bulls were, and buying ensued right from the open. Trader enthusiasm was solid, but nothing extraordinary. Nevertheless, after several down days it was nice to see some buyers emerge.

By the close, the Dow Jones Industrial Average was up 66 points to finish the day at 47,951. The S&P 500 was up 53 points to close at 6,774. The Nasdaq Composite Index was up 313 points to close at 23,006. Gold was down $4 to trade at $4,369 per ounce, while oil was up $.15 to trade at $56.09 per barrel WTI.

All in all, it’s been a bit of a sloppy week of trading. Even today the market averages closed well off their highs for the day. Anyway, let’s see if the bulls can add to today’s rally tomorrow before we head it the Christmas week. Stay tuned.

Have a nice evening everyone.