Friends
It was another rather quiet day of trading for stocks despite the selloff in bonds. Once again interest rates were on the rise (I know 1.90% doesn’t sound like much, but considering the 10 year Treasury note was at 1.45% just a couple of weeks ago, that is quite a move), but neither that nor the decent retail sales number seemed to motivate the bulls.
For the day, the Dow Jones Industrial Average was up 37 points to close at 27,219. The S&P 500 was down 2 points to finish the day at 3,007. Gold was down $12 to trade at $1,495 per ounce, while oil was down $.11 to trade at $54.98 per barrel WTI.
Remember, we have an FOMC meeting to monitor next week, and despite the decent retail sales number and the slightly hotter inflation numbers this week, it is still likely we will get a quarter point rate cut next week from the Fed. Let’s put it this way, after the rally in stocks that we just had, we better get a rate cut on Wednesday. Stay tuned.
Have a great weekend everyone.
