Wednesday, November 21, 2012

Stocks Get Pre-Holiday Bounce on Israel-Gaza Truce

Looking as hard as possible for positive news upon which to launch a rally, the Wall Street casino got what it wanted from US Secretary of State, Hillary Clinton, who brokered a truce in the ongoing warfare between the state of Israel and militants in the Gaza Strip.

Announced just after noon Eastern Time, the truce was to begin at 2:00 pm ET, or roughly 9:00 pm Tel Aviv time.

How long the truce will remain n force is anybody's guess. The conflict in the Palestinian area of the Middle East has been going on for as long as most of us can remember, so whatever is achieved will be short-term at best, just like almost everything else these days, a matter of how far down a given road one can kick a can.

Outside the news that Palestinians and Israelis won't be trying to kill each other overtly for a few days, there was little going on to make investors optimistic.

Hostess, which had been in bankruptcy and was the recent victim of an ill-advised strike by the baker's union, went through a day of mediation and returned to court, where the judge signed off on liquidation of the company that used to make Ho-Hos, Twinkies, Ding-Dongs and assorted junk foods that have contributed in no small way to the epidemic of diabetes in this country.

Probably, it's for the good of the country - and fata$$es worldwide - that the company goes under.

Looking ahead, there's a half-day session on Friday, following the Thanksgiving holiday, which usually results in an eventually meaningless Black Friday rally as millions of misguided Americans crowd stores, malls and shopping centers to buy worthless trinkets and electronic gadgets for friends and relatives.

Too bad Christmas will never get here, as the world is scheduled to end on December 22, according to the Incas, or Aztecs, or somebody.

Well, nobody likes a Scrooge at this time of year, so...

Free iPads and Houses for Everybody! And free Twinkies, too!

Happy Thanksgiving. Stay hungry, my friends.

Dow 12,836.89, +48.38 (0.38%)
Nasdaq 2,926.55, +9.87 (0.34%)
S&P 500 1,391.03, +3.22 (0.23%)
NYSE Composite 8,112.20, +25.78 (0.32%)
NYSE Volume 2,647,812,000
Nasdaq Volume 1,406,020,500
Combined NYSE & NASDAQ Advance - Decline: 3577-1856
Combined NYSE & NASDAQ New highs - New lows: 108-71
WTI crude oil: 87.38, +0.63
Gold: 1,728.20, +4.60
Silver: 33.35, +0.42

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