Friends
The Federal Reserve concluded its final FOMC meeting today and the result was not unexpected. There was no change in interest rates and the indication from the release is that the Fed Governors don’t see an increase in interest rates by the Fed for at least 2-3 years. The subsequent press conference by the Fed Chair was more of the same with accommodative policy answers to all questions. In the meantime, market participants continue to wait for a stimulus package from Congress. It’s been a waiting for Godot type of situation for months now, hasn’t it?
As for stocks, by the close the Dow Jones Industrial Average was down 44 points to finish the day at 30,154. The S&P 500 was up 6 points to close at 3,701. The Nasdaq Composite Index was up 63 points to close at 12,658. Gold was up $12 to trade at $1,867 per ounce, while oil was up $.23 to trade at $47.85 per barrel WTI.
So, it was a good day for the Nasdaq, but the rest of the market was somewhat uneventful. In the meantime we’ll keep looking for that stimulus deal.
Have a nice evening everyone.
