Buzz on Business for December 28th, 2023

There hasn’t been much news lately into which traders could sink their teeth. The markets seem to be missing a catalyst. Plus, well, it’s the week between Christmas and New Year, so maybe we shouldn’t be looking for fireworks. Nevertheless, stocks posted gains, the Dow closed at a new all-time high, and all of it came on solid volume. Yeah, yeah, yeah, but we want DRAMA!!!

Stock Market Report

Stocks traded in a narrow range on Wednesday, finishing the day modestly to the upside. Still, a gain is a gain.

• • The Dow Jones Industrials were up 111 points. That’s three-tenths of one percent and closed at 37,657.

• • The S+P 500 was up just seven points, about one-tenth, and closed at 4,782.

• • The Nasdaq Composite posted a gain of just shy of two-tenths of a percent and closed at 15,099, up twenty-five points.

• • The XRT Retailers had a good day. They were up six-tenths and closed at $73.12, up forty-one cents.

Bond Markets

None of that narrow-range stuff for bonds. They were up across the board as rates fell and fell out of a trading range they’ve been in for about a week.

• • The two-year Treasury now yields 4.24%, which was down five basis points.

• • The yield on the twenty-year fell ten basis points and closed with a yield of 4.098%.

4.098%! Just two months ago, the twenty-year was yielding 5.388% and was in a steep uptrend.

Oil and Gold

• • Gold had a good day. It was up $23.30 and closed at $2,093.10

• • Oil gave back almost all of Tuesday’s gain. It was down $1.50 and barrel now trades hands at $73.78.

As we said, there isn’t much news to report. Both the earnings and economic calendars were empty on Wednesday. No flashing green numbers, no flashing red numbers at all on the giant quote machine yesterday.

National Bacon Day: The New Christmas?

But there was a story that caught our eye and, dare we say, warmed our hearts. Fast Food giant Wendy’s announced that in honor of National Bacon Day this Saturday—who even knew there was such an important holiday? In honor of National Bacon Day, Wendy’s will be selling bacon cheeseburgers for one cent all week. You heard that right—Bacon cheeseburgers at Wendy’s for one cent all week.

What a great time to be alive.

So, while Wall Street may have taken a breather this week, content with nibbling on modest gains, like Santa on his thousandth cookie, Wendy's injected a jolt of sizzling, savory excitement into the holiday doldrums. Their one-cent bacon cheeseburger bonanza is a reminder that sometimes, the best things in life, like crispy bacon and melty cheese nestled between a warm bun, may not be free but truly do come cheap.

In the face of economic uncertainty and geopolitical tensions, Wendy's quirky Christmas gift to its customers is a welcome reminder that a little indulgence, a touch of absurdity, and a whole lot of deliciousness can go a long way. Who knows, maybe this is the catalyst the markets and the rest of us have been waiting for. After all, a happy belly often leads to a happy heart, and a happy heart can move mountains or at least a few Dow points. So, fire up the grills, grab your wallets (though you might not need them this week), and prepare to celebrate National Bacon Day the Wendy's way. Because let's be honest, a world where a bacon cheeseburger costs just a penny is a world worth savoring.