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Stocks rallied again on Tuesday posting the best two-day rally of the year, but it also created a second consecutive open gap on the S&P 500 chart, a very rare event. The Dow gained another 232-points with about 100 of those points coming from two big movers, McDonald's and Caterpillar. Because of those large cap movers, the broader indices didn't see quite the same percentage gain, but solid gains none the less.
Stocks rallied on Monday morning after a favorable outcome out of the election result in France, plus the nerves going into the weekend were abated with no further geological events, although the threats still remains. The Dow jumped 216-points and we saw 1% plus gains almost across the board.
Stocks wavered back and forth on Friday as investors were a bit tentative in front of another weekend. Stocks have been down on the last trading day of the week for 6 straight weeks. This week it was the French elections holding back the bulls, and of course the continued saber rattling out of instable North Korea.
Last week, I said I was expecting the market to bias higher. The up and down nature of trading didn't change, but by week's end the market was higher. All three TSP stock funds were up as the S fund more than doubled the C fund, which came in 2nd place with a gain of 0.87% to the S fund's impressive 2.07%. The I fund just did keep its head above water with a 0.11% gain.
The S&P 500 started the week under its 50 dma, tested it on Thursday,
Stocks came out of the holiday weekend with some strength but the rest of the week was inconsistent with no clear trend. A few day to day factors were driving this rollercoaster of a week; some of which only affected large caps so naturally we saw the S-fund outperform this week by more than 1%. Hitting the headlines were the poor earnings report from Goldman Sachs, the more than 7% loss in oil for the week, the close upcoming election in France, and President Trump claiming he has big news concerning