US stocks cap a short week’s worth of gains with another rising session (one with an early closing,) driving the the major indexes to fresh year highs, although the light volume that’s attended this week leaves the moves suspect.
As the saying goes, volume equals validity, and there’s been little of the former this week, leaving the latter open to question. So while visions of sugar plums dance in traders heads, nobody knows what Saint Nick’s got in store for them yet.
DJIA gains 54 (0.5%) to 10520, up about 1.8% on the week. S&P 500 rises 6 (0.5%) to 1126, importantly rising past the 1121 mark. Nasdaq Comp gains 16 (0.7%) to 2286. Initial jobless claims slide more than expected, but durable goods come in below expectations.
Equities’ gains are welcome, but low volume leaves the current levels subject to speculation. Keep an eye out as retailers make the last push, even as snow blankets the Midwest.
Happy Christmas to all, and to all a good night!