Markets were open today and will be closed tomorrow. It was a light volume session and at the close the Dow posted a gain of 265 points to 23,327. For the year the Dow fell about 5.5% making this the worst market since 2008 when the Dow fell 33%.
2018 was a wild ride for the Dow. Bull runs in January and September were offset by sharp pullbacks in February and October. The December selloff was the worst since 1931. In the age of disruption, it is hard to know what to expect for 2019. My feeling is that we could see economic pressure on Europe and China. The US economy should do ok although GDP growth rates are expected to slow from 3% to 2%. Look for an infrastructure plan, immigration reform and progress on trade policy with China. If these happen, they might bring joy to stocks but there are no guarantees. Tesla might be a big story to watch in 2019 as the electric vehicle trend gains momentum.
Unofficial reports say that Boeing made, what appears to be a successful push in December to catch up on deliveries of 737 aircraft from its Renton plant. The Puget Sound Business Journal said that spotters have concluded that Boeing delivered at least 73 jets from Renton and for the whole company, 805 jets of all shapes and sizes (not to include the KC-46 tankers) have been delivered to customers in 2018.
This weekend Troop 100 celebrated another young man becoming an eagle scout. The troop hosted an eagle court of honor at the Ballard Elks and looked on as the slide show illustrated the journey from lunkhead to fine young man. Funny stories included swamping canoes and how the lad, just after joining the troop, was so excited about getting his toten chip that he started playing with his knife and cut himself. His journey with Troop 100 took him from hiking the Cascades to canoeing in Canada to hiking the Alps at the international scout camp in Kandersteg, Switzerland where he met a bunch of female Dutch scouts and met the US Ambassador in Bern. It was a great journey.