With Thanksgiving dinner on Thursday it promises to be a light week for equity markets. Many Wall Street traders are already eyeing the Hamptons or in the case of Seattle people are looking to head to Portland ……of all places. There are no major economic reports due out this week but the gurus will be watching the sales figures for black Friday to get an indicator for how strong the Christmas Shopping season will be.
All three major US indexes today broke ground into record territory with the Dow closing the day up 88 points to 18,956 on lighter trading volume. IBM and Apple were the major contributors to the rise in the Dow while energy stocks added support along with the banks.
Energy stocks all jumped on an increase in the price of oil. WTI crude rose 3.9% to $47.49 ahead of a decision by OPEC on production cuts. The meeting will be held in Vienna on the 30th. Gold was up slightly today rising about $3 an ounce as the US dollar paused in its recent upward trek.