Usually, before a major holiday the stock markets will have some decent trading volume in the first hour of the trading session and then drift sideways for most of the day. Traders would then watch for a late day surge to occur sometime in the final thirty minutes of the session. This late day push will make for a good headline on the evening news when people see that the highly followed Dow Jones Industrial Average (DJIA) ended the session higher.
It is important to remember that the average person on the street is not aware of what the S&P 500 actually is. They simply hear that the Dow Jones Industrial Average is higher and they feel better. This is called the wealth effect. The average person on the street has no idea that the U.S. Dollar Index is down 17.0 percent since June 7, 2010, nor do they know that the U.S. Dollar Index is lower by 39.0 percent since 2001. They simply know that the DJIA is higher and they might be able to spend a little extra money this weekend for the holiday. The stock markets will be closed tomorrow for Good Friday.
Happy holidays everyone.