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Stocks rallied again on Wednesday getting 2017 off to a very good start. The Dow gained 60-points while the S&P 500 performed slightly better, the Nasdaq outdid them, and small caps piled on even more. The I-fund's negative price on Tuesday meant Wednesday's price was likely going to be very good and as you can see, the I-funders were not disappointed. That's fair value adjustments for you.
2016 ended in the same direction that it started... down. The good news was that much of what happened in between was quite bullish. The Dow closed on Friday down 57-points and we saw moderate losses in the S&P 500, small caps, and more so the Nasdaq.
Updated 01-03-2017 at 10:17 AM by tsptalk
The last week of the year skimmed off some of this year's gains in stocks. We saw a trend this short week of stocks having a decent open followed by a decline into the close. Volume was low and the recent action has lost its momentum so the typical post-Christmas buying environment was not found. The last few Januaries have not been good for stocks and everyone knows it; traders may pull out to start the year to see how the market is going to react to the new year with a new president with the inauguration
Stocks were slightly lower on Thursday and the Dow shed 14-points. The losses were mostly muted but once again the market opened higher, but failed to hold onto those early gains. Small caps lost some early moderate gains but held on to close slightly positive.
Stocks had their worst day since the Fed's rate hike two weeks ago. After opening in positive territory, the Dow ended the day with a 111-point loss pushing further away from its hyped 20,000 level. The broader indices like the S&P 500, Nasdaq, and small caps lost closer to 1%. There's no doubt that the early momentum has been fading into the close of late. Not usually a good sign but it could also change on a dime during a holiday week.