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Italian Referendum

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The Market Wrap for December 9: Quitaly? What Quitaly?

Aaron Levitt Dec 09, 2016

This week had the potential to be a real bummer for investors. Looking forward, we have a Federal Reserve meeting and the potential for rising interest rates. Over the weekend, we had something a bit more sinister: Italy finally had their referendum vote on internal governance matters. Matters that could see them leaving the European Union. They ultimately voted to possibly leave the E.U. – and the market didn’t even care. The market was able to brush off the worry in about two seconds.

In the end, it was another series of strong gains for stocks throughout the week.

Driving that was a lack of economic data. With only a few metrics released, investors were able to really focus on them and what was released was pretty bullish. And that extended last week’s strong jobs numbers.

On the earnings front, the doldrums of being in between earnings seasons has begun. As a result, the number of firms reporting profits this week was just a trickle. Again, what was released showed moderately positive guidance going forward into the new year.

Check out last week’s Market Wrap here.

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