Friends
After yesterday’s very quiet trading, stocks saw a little more action today. The bulls seem emboldened by the fact that the economic data we have received over the past few days is indicating that the economy is drifting and inflation is contained. Yes, actually that can be interpreted positively for stocks. With the Fed scheduled to release the FOMC statement tomorrow after lunch, it is assumed that nothing is going to change until, at least, early next year. So stocks are rising under the old set of rules (bad economy keeps the punch bowl flowing), instead of the new set of rules (economy improving, rates rising, dollar strengthening), but a gain is a gain.
For the day, the Dow Jones Industrial Average was up 111 points to close at 15,680. The S&P 500 was up 9 points to finish the day at 1771. Gold was down $7 to trade at $1344 per ounce, while oil was down $.42 to trade at $98.26 per barrel WTI.
Along with the Fed announcement tomorrow, we’ll get the CPI and ADP employment data. The bulls seem pretty comfortable right now, assuming that the Fed will provide a tail wind into year end. We’ll soon find out if they have good reason to be so bullish.
Have a nice evening everyone.
