Stocks continue to surge into record territory. IBD has markets in “rally” mode and the Dow has broken out to new highs on higher volume meaning that large institutional investors are putting money to work. Telecom stocks shot higher and the Dow gained 67 points to 19,023. Trading volume was higher and global markets in Asia and Europe are all moving in sympathy with US markets.
Since the election, transportation and delivery stocks have been on a tear. Railroad companies like Norfolk Southern and truckers like JB Hunt are up double digits while outfits like FedEx are back to 52 week highs. This is significant because transportation stocks tend to forecast future economic growth. Chris “Gas Petal” Verrone, an analyst at Strategas Research said these moves are a bullish sign for the economy as a whole. Even Warren Buffett, who owns Burlington Northern, has seen his net worth rise by $11 billion smackers since the election.
WTI crude oil fell a drop today to close at $48 per barrel. Gold finished the day up a couple bucks to $1,211 per ounce.
I will be out of the office tomorrow getting Christmas Trees for the Boy Scouts to donate to a couple of local churches. Hopefully this year they will not have mice in them. Word on the street is that there is a Christmas tree shortage which could last for a few more years. Our Scout Christmas tree lot has seen wholesale prices up anywhere from 5% to 10% and growers in the area say they have been inundated with tree orders from retailers in California and on the east coast looking for inventory.