Friends
Stocks ended the day mixed, with only the Dow sporting a modest gain. For the first time in a while, the CPI number came in at the higher end of the analysts’ estimates, which may allow the Fed to proceed with the balance sheet reduction program without reservation. A little inflation would also likely clear the way for one more rate hike this year, most likely in December.
As for today, by the close the Dow Jones Industrial Average was up 45 points to finish the day at 22,203. The S&P 500 was down 2 points to close at 2,495. Gold was up $3 to trade at $1,331 per ounce, while oil was up $.37 to trade at $49.67 per barrel WTI.
We do get more economic data tomorrow including retail sales, industrial production, business inventories and consumer sentiment. So far both September and August before have been rather calm. Considering that this is often the time of year when stocks struggle, the bulls have to be encouraged by the market’s resiliency. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
Stay Strong Houston
