Friends
It appears that market participants began the Memorial Day Weekend a bit early. Stocks were virtually motionless today as both the bears and bulls headed for the Hamptons. This morning, the 1st quarter GDP was revised upward slightly, but there really wasn’t any real headline news to trade on.
By the close, the Dow Jones Industrial Average was down 2 points to finish the day at 21,080. The S&P 500 was up a fraction to close at 2,415. Gold was up $11 to trade at $1,267 per ounce, while oil was up $.76 to trade at $49.66 per barrel WTI.
Despite the shortened week (markets are closed on Monday), we have a much busier economic calendar next week, including the jobs number next Friday. The FOMC meeting doesn’t happen until June 13th, so we still have a couple of weeks of data for the Fed to chew on before making a decision on whether to raise the Fed Funds rate again. In the meantime, we’ll see how this month ends next week. Stay tuned.
Have a great Memorial Day weekend everyone.
