Friends
As you know a major part of being an investment advisor these days is watching government officials testify in front of congressional committees. Indeed, the market seemed to become comatose once the Attorney General began his testimony before the last hour of trading. But before then, we saw a little bit of a recovery in the recently beaten down momentum stars as Apple, Amazon, Google, Netflix and Facebook all were positive for the trading session.
As for the markets, by the close the Dow Jones Industrial Average was up 92 points to finish the day at 21,328. The S&P 500 was up 10 points to close at 2,440. Gold was mainly unchanged at $1,268 per ounce, while oil was up $.34 to trade at $46.42 per barrel WTI.
As I write the endless committee testimony continues, but be aware that the Federal Reserve began its two day FOMC meeting today. We will get a decision on interest rates tomorrow. The bet is that the Fed is ready to raise the Fed Funds rate a quarter of a point, but of course, we’ll wait to see what Janet Yellen & Co. decides. We’ll let you know how congressional testimonies and FOMC decisions affect the markets tomorrow. Stay tuned.
Have a nice evening everyone.
