The Dow still finished near an all-time closing high as investors continued to show increased optimism over the economic ramifications of a Trump presidency. During the annual DealBook Conference in New York, corporate leaders lined up to admit they were wrong about the market reaction to Trump's victory. Hedge fund manager Bill Ackman called himself a "Donald Trump" bull and said that he is optimistic about the U.S. economy.
Let's look at the final numbers Friday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 18,847.60; 39.72; 0.21%
S&P 500: 2,164.42; -3.06; -0.14%
Nasdaq: 5,237.11; 28.32; 0.54%
Now, here's a look at today's most important market events and stocks, plus a preview of Monday's economic calendar.
The Dow Jones finished up 39 points on Friday as investors took a timeout from this week's post-election rally.
Earlier today, Federal Reserve Vice Chair Stanley Fischer said that he expects economic growth to gain strength, justifying the potential of gradual interest rate hikes. Despite that optimism, Fischer admitted that the central bank needed to examine the long-term borrowing practices of the American government. According to the CME's FedWatch Tool, the markets see a 76.3% chance that the central bank raises interest rates in December. The market has also begun to price in the possibility of a second rate hike in mid to late 2017.
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Gold prices took a pounding this afternoon as the U.S. dollar strengthened and the odds of a rate hike increased. Gold prices fell more than 3.2%, while silver prices plunged a stunning 7.3%. With volatility falling and investors pouring back into stocks, here's where silver heads next.
The price of crude oil was falling hard again on Friday as concerns about OPEC again weighed on trade sentiment. Markets are increasingly worried that the global oil cartel will be unable to find common ground and ensure that it caps production to reduce the probability of a global supply glut. The WTI crude oil price today fell 2.4%, while Brent crude oil dipped 2.1%.
But the big news is the Trump presidency and the wealth of information that accompanied the post-election results. New President-elect Donald Trump has stressed his full-throttled opposition to Obamacare. Despite the overwhelming support to repeal the bill, Trump must find a way to ensure that it is replaced by a healthcare plan that works for all Americans. There are three ways Trump can end Obamacare with his newfound executive power. Check them out, right here.
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According to reports, the Trump administration is eyeing a partial repeal of not just the Affordable Care Act, but also the notorious Dodd-Frank Act. And that's not all Trump is planning. Money Morning Capital Wave Strategist Shah Gilani outlines the big changes ahead for the Trump administration and how investors are going to make money. Check it out, here.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.