Friends
Stocks were all over the place today, driven by trade talk rumors and perhaps just general confusion. The Producer Price Index number came in more subdued than expected as prices at the wholesale level actually fell for the month. Despite the muted inflation number, it is still expected that the Fed will raise rates at the next FOMC meeting, two weeks from today. The other big news today was Apple’s roll out of new phones and watches.
Despite the volatility, by the close the Dow Jones Industrial Average, after being up more than 170 points at one point, was up 27 points to finish the day at 25,998. The S&P 500 was up 1 point to close at 2,888. Gold was up $9 to trade at $1,211 per ounce, while oil was up $1.02 to trade at $70.27 per barrel WTI.
Traders seem a bit unsure about a lot of things at the moment, and the action in stocks is reflecting that. Let’s see how the rest of the week plays out.
Have a nice evening everyone.
