Friends
Stocks continue to climb to new highs as we gear up for a busy week of economic news including an FOMC meeting which begins tomorrow. Now, we don’t expect a rate hike at this meeting, but we might get the beginning of the balance sheet unwinding. I’m sure the Fed Governors will discuss the effects of Harvey and Irma on the economy, and that could put the brakes on any monetary policy decisions at this time, but remember, the CPI for the first time in a while, showed a bit of inflation last week. Well, I guess it’s why they get the big bucks – to make these forecasts (guesses).
As for stocks, by the close the Dow Jones Industrial Average was up 63 points to finish the day at 22,331. The S&P 500 was up 3 points to close at 2,503. Gold was down $14 to trade at $1,311 per ounce, while oil was up $.02 to trade at $49.91 per barrel WTI.
In addition to the Fed meeting, we will get housing starts, existing home sales and housing prices this week. The bears just haven’t been able to rain on the bulls parade so far this summer. As we head into the fall season, will the surge continue higher? As prices rise, heads continue to scratch. Oh that wall of worry.
Have a nice evening everyone.
Stay Strong Houston
