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The melt-up in stocks continued on Thursday with modest gains in the Dow (+65) and S&P 500, while small caps once again outpaced their larger siblings. Except for a couple of 2 to 3 days dips, this market has been going straight up since Election Day. We know stocks won't go up forever, but the question is, how long will they go up?
Stocks continue to defy gravity as the relentless rally just kicked into another gear and the Dow gained nearly 300-points on the day. If Greenspan was still in charge he might be giving his "irrational exuberance" speech right about now, but what seems to be going on here is investors who have been waiting for a pullback, are tired of waiting.
Stocks opened fairly flat on Tuesday but drifted higher most of the day to close with moderate gains. Small caps led again as the Russell 2000 and our S-fund closed at a new all-time high. The Dow gained 36-points, also making a new closing high, the 11th new high of the year.
It was another wild 24-hour period for stocks as the weekend news and opening futures had us believe that Monday could be an ugly day, but what seems more common lately, by the time the market opened on Monday morning, the futures recouped all of their losses and the day ended with solid gains.
The indices did close off the morning highs and the early triple digit gain in the Dow ended with a again of 46-points. The small caps shined with a big
Stocks were mixed but mostly flat on Friday with the Dow shedding 22-points. The reaction to the jobs report was muted as the number of jobs created came in near the estimated number, although the unemployment rate did come in lower than expected at 4.6%.