The Closing Look

Stocks rallied on Thursday as buyers showed up one day after the Fed raised rates for the second time in a decade. The US dollar surged to a 14-year high as investors believe the Fed will raise rates more aggressively in 2017. In economic news, CPI (Consumer Price Index) increased by +0.2% last month which matched estimates. Elsewhere, weekly jobless claims came in at 254,000. The Philadelphia Fed business index rose to 21.5 beating November’s reading of +7.6. Finally, the Empire State manufacturing index increased to 9.0 in December from 1.5 in November.

Gary’s Thoughts: Eceonomic numbers ramping off of confidence in Trump. We shall see if it lasts. Market finished off highs but no sweat just yet.