Original Link | RockwellTrading by Markus Heitkoetter
Stocks were on fire again today, with traders expecting the GOP’s tax reform bill to pass soon.
Futures were up all morning and the S&P and DOW rocketed higher around noon.
The DOW was up as much as 370 points at the highs of the session, finishing with a new record high for the 63rd time this year.
The record for record highs in a year is 69 set back in 1995.
The VIX (aka Fear Index) was in rare form today. Normally, the VIX goes down when stocks are higher. But today the VIX was positive for most of the day.
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Here’s where the major indices ended the day:
- The S&P finished 0.8% higher. Up 22 points, the S&P ended at 2,648.
- The DOW ended with a 1.4% gain. Adding 332 points, the DOW closed at 24,272.
- The NASDAQ was up 0.7%. With a 50 point gain, the NASDAQ finished at 6,874.
Today wrapped up trading for the month of November. And it was a great month!
The S&P was up 2.8% in November, the DOW added 3.8% and the NASDAQ finished with a 2.2% gain. The S&P finished higher for the 13th month in a row, the longest streak in history.
All eyes were on this week’s OPEC meetings. But the meetings were essentially a non-event with Crude Oil finishing flat on the day. Crude Oil (CL) finished with a 0.1% gain at $57.36.
Kroger (KR) popped after an earnings beat and finished with a 6.1% gain. And Costco (COST) also caught some love after some really strong November sales, finished the day with a 3.9% gain.
Looking at tomorrow’s economic calendar we have FOMC Member Kaplan speaking at 9:30am ET, ISM Manufacturing at 10:00am ET and FOMC Member Harker speaking at 10:15am ET.
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