For investors, the shortened week is something to really be thankful for. Aside from offering a break from the uncertainty in the weeks leading up to the presidential election, stocks continued to rally over the last few days. With various factors pushing traders back into all manner of sectors and risk assets, stocks have managed to hit record highs each day this week. (Check out last week’s Market Wrap here.)
Part of that was the positive data released this week. There wasn’t much for investors to focus on, since Thanksgiving clipped two days off the week. However, what was released was decent enough. Key measures of manufacturing, housing and supplies came in at better than expected rates, which helped drive stocks higher. So did the relatively positive earnings forecasts from the few stocks that did report this week. Guidance figures have also improved.
While it may have been a shortened week, traders used every second to their advantage and bid shares upward.