Friends
After an initial drop of more than 100 Dow points, stocks recovered to post a modestly negative day. The ISM non-manufacturing index delivered another positive number, but nothing to get too excited about. The bigger news of the day seemed to be the thought that the Fed will be moving the goal posts again with regards to when they will change interest rate policy. Instead of raising rates when unemployment reaches 6.5%, it is rumored that perhaps the Fed would wait until the unemployment rate reaches 6% or even 5.5%. To infinity and beyond.
Anyway, for the day, the Dow Jones Industrial Average was down 20 points to close at 15,618. The S&P 500 was down 5 points to finish the day at 1762. Gold was down $4 to trade at $1310 per ounce, while oil was down $1.19 to trade at $93.43 per barrel WTI.
The next big economic data point will come on Friday with the government employment report. It seems the Fed is looking for any reason to maintain its accommodative stance, whether it be economic data or interest rate movements. Let’s see what the rest of the week looks like.
Have a nice evening everyone.
