Richard's Thoughts on Bull Market Corrections
CNBC's headline said it better than I can: "Stocks rebound as worries about Trump's presidency fade." And thus, we got a second day of bouncing back after Wednesday's market meltdown. Starting in Asia, markets were mostly up by 0.1% to 0.2%. Europe was more enthusiastic, as the STOXX 600 rose 0.6%. Stock markets, in their infinite wisdom, continued to weight Trump's business-friendly ideas more than the potential problems he faces.
The result was the Dow Industrials up 100+ points most of the day, with the bit players doing their normal share as well. By the close, the Dow finished 142 higher, the S&P 500 16 higher, and the NASDAQ gained 29 points, for percentage increases in the 0.45-0.70% range.
Bonds again napped through the trading session, finishing about unchanged. But the dollar had a tough one, down about 0.7% to 97.12, for its weakest close since the election in November. This aided the precious ... Log in or subscribe to continue reading.
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