Friends
Despite the surge in energy shares, fueled by the announced OPEC agreement, stock traders found little else to get excited about today. Pauses of some type would seem to be necessary if we are to sustain the type of rally that we have seen in the last month. Regardless, selloffs of any type have been quickly bought as the underinvested public is starting to feel left behind.
By the close, the Dow Jones Industrial Average was up 39 points to finish the day at 19,796. The S&P 500 was down 2 points to close at 2256. Gold was up $1 to trade at $1,163 per ounce, while oil was up $.80 to trade at $52.30 per barrel WTI. Nat Gas was down $.0239 to finish trading at $3.507.
Of course, the focus this week, despite the endless political headlines, will be the FOMC meeting which begins tomorrow. We will get the statement and the Fed Chair’s press conference on Wednesday afternoon. The markets are expecting, and have likely priced in, a quarter point rate hike in the Fed Funds rate. A rate hike seems all but certain, and a quarter point would fit the Fed’s cautious approach for the past few years. Let’s see if that is what we get, and how the markets react to it.
Have a nice evening everyone.
