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S&P 500 Resumes Setting Records During Thanksgiving Week

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by: Ironman at Political Calculations
Summary

The S&P 500 resumed setting records during Thanksgiving Week 2019.

The CME Group's FedWatch Tool indicates that investors are currently giving better-than-even odds of a quarter point rate cut being announced by the end of September 2020.

Overall, with U.S. markets being closed on Thursday, November 28, 2019, for the Thanksgiving holiday, it was a relatively quiet week for investors.

The S&P 500 (Index: SPX) resumed setting records during Thanksgiving Week 2019, achieving a new high of 3,153.63 on Wednesday, November 27, 2019, before cooling off with the turkey dinner leftovers after the holiday to close the week at 3,140.98.

That puts the S&P 500 right in the middle of our newly added redzone forecast range, which assumes investors will remain primarily focused on the distant future quarter of 2020-Q3 from November 26, 2019, through January 7, 2020.

As for why investors would focus on that particular future quarter, that has a lot to do with the anticipated timing of the Federal Reserve's next change to the Federal Funds rate. The CME Group's FedWatch Tool indicates that investors are currently giving better-than-even odds of a quarter point rate cut being announced by the end of September 2020.

Overall, with U.S. markets being closed on Thursday, November 28, 2019, for the Thanksgiving holiday, it was a relatively quiet week for investors.

The same can't be said for foreign stock markets however, where a number of representatives from various nation's central banks made similar statements during Thursday that they had to backtrack from on Friday.

Monday, November 25, 2019

Tuesday, November 26, 2019

Wednesday, November 27, 2019

Thursday, November 28, 2019 - U.S. Markets Closed

Friday, November 29, 2019

Want to see a bigger picture of the week's economic news than you can from just these headlines? Barry Ritholtz outlined the positives and negatives he found in the week's economics and market-related news.

Original post

Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.