U.S. stocks opened lower on Thursday after President-elect Donald Trump gave little clarity on his promises of boosting economic growth that had powered a record-breaking rally on the financial market for two months.
WTI crude oil futures have failed to hold below a key previous high point, and now are up 2.7% on the day. As we noted, the major technical indicators we follow still have not really turned bearish on a weekly timeframe. Oil will still be overall supported by bullish forces in the market.
The stock market (S&P 500) has risen over 6% in the two months since the US election, with sectors like financials, energy, industrials and materials rising even more. Impressive as the bullish move has been, almost all of it occurred in the four weeks immediately following the election; the widely-followed U.S. indices are essentially unchanged over the last four weeks.
The Dow came within one point of 20,000 for the first time on Friday and the Nasdaq and S&P 500 reached record highs, boosted by Apple, extending a two-month rally fueled by optimism about U.S. President-elect Donald Trump.