Friends
Stocks were able to post gains today, but the market averages traded well off their highs for the day by the close. Today’s news cycle included a new product presentation from Apple (mainly on watches and iPads as the new phone announcements have been delayed for some weeks) and the beginning of a Fed meeting. Now, we don’t expect much out of the Fed from this meeting as Chairman Powell has made it perfectly clear in recent presentations that the Fed is all in with regards to easy monetary policy.
As for today’s market action, by the close the Dow Jones Industrial Average was up 2 points to finish the day at 27,995. The S&P 500 was up 17 points to close at 3,401. The Nasdaq Composite Index was up 133 points to close at 11,190. Gold was down $2 to trade at $1,961 per ounce, while oil was up $1 to trade at $38.27 per barrel WTI.
It was back to large cap tech names today, if you were looking for action, but in general we have seen a more broadening out in recent weeks, with other sectors participating in up days. The bulls pushed the action early today, but did seem to run out of firepower as the trading session wore on. Let’s see if they have the will to keep up the pressure as the week unfolds.
Have a nice evening everyone.
