Stocks Try for 9th Straight Weekly Gain

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Our View

Home sales ticked up from 13-year lows in November after five consecutive months of declines. Core prices, which exclude volatile food and energy costs, rose just 1.9% on a six-month annualized basis. Mortgage Bankers Association predicted mortgage rates could fall to 6.1% by the end of 2024, and 5.5% by the end of 2025. 

Bitcoin is up more than 160% this year and the S&P 500 is almost up 25% in 2023. While not out of the woods yet, the Fed seems to have done a good job.

But do you think the coast is clear? 

While I am happy about the prospects, I don't think this is a one-and-done deal. The dollar index fell on Tuesday and the euro hit a four-month high and is on track to post its worst performance since 2020. We still have all the geopolitical problems too — China, Russia, North Korea, Iran, the Red Sea situation, and Gaza. 

Bottom Line: What I can say is we are closing out the year with some solid economic footing and stock market returns and I expect more of the same at the beginning of the new year.