If stocks needed a little more of a boost after the Fed's taper-lite effort earlier in the week, the BLS gave it to them early Friday morning, when it announced the final revision to third quarter GDP at a whopping 4.1%, which turned out to be a solid increase over the already rosy 2.8% first estimate and 3.6% second estimate.
Thus, all the indices turned in a solid performance for the week, among the best of the year. The Dow had its third-best week of the year, and it has been a year of outsize gains overall and generally superior performance for equities when compared to all other asset classes.
Maybe the general economy is not exactly where everyone would like it to be, but it appears to be close enough for Wall Street, as trading winds down to just six trading days remaining in 2013.
For the week, the Dow was a moon-shot, gaining 465.78 points for a 2.96% rise; the NASDAQ tacked on 103.77 (2.59%); the S&P added 42.99 points (2.42%).
Record highs at the close on Friday were recorded for the Dow, S&P, Dow Transports and the Russell 2000.
Due to quadruple witching in options and futures, NASDAQ and S&P rebalancing, and a Fed-infused dose of holiday cheer, volume hit its best level of the year.
Bonds were well-behaved, with the benchmark 10-year note finishing at a modest 2.91% yield.
Everything looked so good, even gold and silver caught some bids.
The old song says, "Santa Claus is Coming to Town," though it appears the jolly fat man made Wall Street an early destination.
DOW 16,221.14, +42.06 (+0.26%)
NASDAQ 4,104.74, +46.61 (+1.15%)
S&P 1,818.31, +8.71 (+0.48%)
10-Yr Note 98.65, +0.50 (+0.51%) Yield: 2.91%
NASDAQ Volume 2.93 Bil
NYSE Volume 4.90 Bil
Combined NYSE & NASDAQ Advance - Decline: 4247-1527
Combined NYSE & NASDAQ New highs - New lows: 505-63
WTI crude oil: 99.32, +0.28
Gold: 1,203.70, +10.10
Silver: 19.45, +0.267
Corn: 433.25, +2.75
Friday, December 20, 2013
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