|Data for week commencing 19 November 2018|
It’s been Thanksgiving in the States but as someone who feels the heartbeat of every move the stock market makes, I can’t see much we should be thankful for. Only two weeks ago, we got rid of one big market negative - the US mid-term elections - but that wasn’t enough to turnaround the negative sentiment.
In case you don’t specialise in the opening and closing times of the New York Stock Exchange, I should tell you that the world’s most watched ‘money machine’ closes at 1pm, with many Americans taking a four-day break with Thanksgiving. Unlike most Saturdays affected by daylight saving, when I write this note, I know the Dow finished down 178 points, which means this was the worst Thanksgiving week since 2011. And that’s the worst Black Friday showing since 2011, CNBC tells me. And despite that, stocks rose more than 6% that year, and if you add in dividends, it was creeping close to 9%. Interestingly, this was the year that the US government lost its AAA-rating!