November 25, 2024

Happy Thanksgiving Everyone!

By the President of the United States of America. 

A Proclamation.

The year that is drawing towards its close has been filled with the blessings of fruitful fields and healthful skies. To these bounties, which are so constantly enjoyed that we are prone to forget the source from which they come, others have been added, which are of so extraordinary a nature, that they cannot fail to penetrate and soften even the heart which is habitually insensible to the ever-watchful providence of Almighty God. In the midst of a civil war of unequalled magnitude and severity, which has sometimes seemed to foreign States to invite and to provoke their aggression, peace has been preserved with all nations, order has been maintained, the laws have been respected and obeyed, and harmony has prevailed everywhere except in the theatre of military conflict; while that theatre has been greatly contracted by the advancing armies and navies of the Union. Needful diversions of wealth and of strength from the fields of peaceful industry to the national defense have not arrested the plough, the shuttle or the ship; the axe has enlarged the borders of our settlements, and the mines, as well of iron and coal as of the precious metals, have yielded even more abundantly than heretofore. Population has steadily increased, notwithstanding the waste that has been made in the camp, the siege and the battlefield; and the country, rejoicing in the consciousness of augmented strength and vigor, is permitted to expect continuance of years with a large increase of freedom. No human counsel hath devised nor hath any mortal hand worked out these great things. They are the gracious gifts of the Most High God, who, while dealing with us in anger for our sins, hath nevertheless remembered mercy. It has seemed to me fit and proper that they should be solemnly, reverently and gratefully acknowledged as with one heart and one voice by the whole American People. I do therefore invite my fellow citizens in every part of the United States, and also those who are at sea and those who are sojourning in foreign lands, to set apart and observe the last Thursday of November next, as a day of Thanksgiving and Praise to our beneficent Father who dwelleth in the Heavens. And I recommend to them that while offering up the ascriptions justly due to Him for such singular deliverances and blessings, they do also, with humble penitence for our national perverseness and disobedience, commend to His tender care all those who have become widows, orphans, mourners or sufferers in the lamentable civil strife in which we are unavoidably engaged, and fervently implore the interposition of the Almighty Hand to heal the wounds of the nation and to restore it as soon as may be consistent with the Divine purposes to the full enjoyment of peace, harmony, tranquility and Union. In testimony whereof, I have hereunto set my hand and caused the Seal of the United States to be affixed.

Done at the City of Washington, this Third day of October, in the year of our Lord one thousand eight hundred and sixty-three, and of the Independence of the United States the Eighty-eighth.

ABRAHAM LINCOLN

By the President:

WILLIAM H. SEWARD, Secretary of State.

Source: Collected Works of Abraham Lincoln, 1809-1865. The Abraham Lincoln Association, Roy P. Basler senior editor, 1953.

President Lincoln created it; President Franklin Roosevelt codified it as the last Thursday in November. A little history lesson today.

Here are the numbers, The S&P 500 finished a very good week up 1.62%, the Dow Jones Industrial Average followed suit, up 1.99%, and the Nasdaq added 1.53%. Internationally, the FTSE 100 had a great week up 2.46% and the MSCI-EAFE added .6%, as an aside it was the small caps that stole the show up 4.5%. The 2-year Treasury paid 4.35% and the 10-year finished with a yield of 4.4%

As many of you know, my younger brother passed away last week and I took the time to reflect on the theme of this coming week, which is gratitude. The gratitude for coming from the family I did, the gratitude for living in this country, and the gratitude to all of you for the honor and privilege to serve you all these years, So I will keep this weeks report short and sweet (always easier after a terrific week in the market) and wish all of you a most joyful Thanksgiving holiday with your family and friends.

Briefly…..

As Barron’s Alex Rule reported last Friday, Holiday Cheer. Stocks rallied last Friday to finish a strong week, largely wiping out last week’s losses.

The Dow Jones Industrial Average was back in record territory, up 426 points, or 1.0% on the day. The S&P 500 is within 0.5% of its record, after a 1.7% gain on the week. The Nasdaq Composite is lagging — due to weakness in Big Tech names — but only by a bit. It’s 1.5% off a record close, after a 1.7% gain this week. Investors were feeling optimistic Friday about the strength of the consumer — and the upcoming holiday season — following a strong earnings report from Gap. The apparel retailer boosted its outlook for the year, and the company’s CEO said that the “holiday is off to a strong start.” Shares jumped 12.8% on the day. Sure enough, consumer discretionary stocks were the standout in today’s trading, with the sector up 1.4% on the day.

“It’s looking like a jolly holiday season for America’s retailers, based on company guidance and economic forecasts, Barron’s Sabrina Escobar reported last Friday. “That’s because many U.S. consumers are in good financial health on the eve of the greatest shopping marathon of the year.” “At least 10 retailers recently raised their sales or earnings guidance for the current fiscal year to reflect continued spending,” Sabrina writes, “including Walmart, Gap, TJX, Ralph Lauren, BJ’s Wholesale Club, Home Depot, and e.l.f. Beauty.” Feelings about the holiday shopping season could go a long way in driving investor sentiment over the next month. “If early holiday sales reports come in strong it is likely we’re headed for a year-end on a high note,” Louis Navellier, Navellier and Associates founder, wrote on last Friday.

Some good economic news, New jobless claims fell in 37 of the 53 states and territories that report these figures to the federal government. And in other news, Elon Musk and former Republican presidential candidate Vivek Ramaswamy co-authored a Nov. 20 op-ed article on the new Department of Government Efficiency (DOGE) that they will lead in the second Trump administration starting next year. The article appeared in the Wall Street Journal and outlined their ambitious goals for DOGE, which include rolling back government spending, slashing regulations, and removing wasteful federal agencies. President-elect Donald Trump appointed the two billionaires to the project that will act in an advisory capacity to the White House and the U.S. Office of Management and Budget (OMB).“The entrenched and ever-growing bureaucracy represents an existential threat to our republic, and politicians have abetted it for too long,” Musk and Ramaswamy wrote. “Unlike government commissions or advisory committees, we won’t just write reports or cut ribbons. We’ll cut costs.”

So, after decades of politicians paying lip service to governmental waste, fraud, abuse and inefficiency, it appears now to be much more than a forgotten campaign slogan.

President Elect Trump has moved at light speed to get his cabinet in place and all the support players will be ready to hit the ground running after January 20, 2025, much more to report in the coming weeks as the political process plays out and the promised new direction of the government will impact all the financial markets here and abroad. But in the meantime. Enjoy this week.

Mike