Uncertainty Transformed.
The bond market was closed on Monday for Veterans’ Day, but the stock market was up and running and squeaked out a tiny further extension of its winning streak on light trading volume with Small Caps leading and Tech/AI lagging. The slight gain was enough, however, to achieve a first-ever S&P 500 close above the 6000 level (just 263 days after first breaking through 5000) and the first-ever Dow Jones Industrial Average close above 44,000.
Election outcome uncertainty transformed into policy uncertainty as Trump began to show his hand with cabinet appointments. The election-fueled rally…
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