Friends
With the hope that some dialogue might be happening this afternoon among members of the house, and the nomination of punch bowl enthusiast Janet Yellen by the President for next Fed Chairwomen, stocks recovered from earlier losses to post gains for the first time this week. Of course, we won’t get our hopes up with regards to the politicians, but the nomination of Yellen for the next Fed Chair clearly indicates that the President wanted the recent dovish policies of the Federal Reserve to continue. Whether this is good or bad is up for debate (we address in our quarterly update which will be available tomorrow), but now at least we know who we are dealing with for the next several years.
By the close, the Dow Jones Industrial Average was up 26 points to finish the day at 14,802. The S&P 500 was up less than a point to close at 1656. Gold was down $18 to trade at $1306 per ounce, while oil was down $1.99 to trade at $101.50 per barrel WTI. The market averages are struggling to hang onto important support levels, so we’ll be watching closely as this political struggle continues.
It was nice to see some stocks in positive territory today, but we won’t get too excited until we get this political mess behind us. Earnings season has begun, and we are expecting mixed results, so it will be interesting to see how individual stocks react to their earnings report versus what is going on in the general market. Stay tuned.
Have a nice evening everyone.
