Friends
It appears market participants are quite comfortable with gridlock. After yesterday’s election results produced the most likely and anticipated outcome, traders were in a buying mood this morning. The buying urge grew during the President’s press conference, and surged again after the announcement the AG Jeff Session was “resigning”. It appears that the bulls were not about to be distracted today. They were in a buying mood and buy they did.
At the close, the Dow Jones Industrial Average was up 545 points to finish the day at 26,180. The S&P 500 was up 58 points to close at 2,813. Gold was up a fraction to trade at $1,227 per ounce, while oil was down $.58 to trade at $61.63 per barrel WTI.
A two day FOMC meeting began today and will wrap up tomorrow, but we don’t expect the Fed to move at this time. Most likely, they will raise the Fed Funds rate in December a quarter of a point. As I mentioned today, I hope they pause to assess the situation as we enter 2019, but we’ll just have to monitor that as we go forward. Let’s see if the bulls are still feeling frisky tomorrow.
Have a nice evening everyone.
