Friends
Oil and stocks went hand in hand once again today, but this time both moved to the upside as opposed to yesterday’s drubbing. As we have seen so far in 2016 the oil market and the stock market appear to be connected at the hip. After an awful session for Chinese stocks, late last night the futures indicated a rough opening for U. S. stocks, but by the opening, oil had rallied and stocks followed suit.
For the day, the Dow Jones Industrial Average was up 282 points to close at 16,167. The S&P 500 was up 26 points to close at 1903. Gold was up $16 to trade at $1,121 per ounce, while oil was up $.98 to trade at $31.32 per barrel WTI.
We had a surprisingly good consumer confidence number today, and the housing data via Case-Shiller and FHFA pricing index was not terrible, so there is at least that to hang our hat on. Of course, the FOMC meeting concludes tomorrow and we get the Fed statement in the early afternoon. Will the Fed change their tone some considering the mess we have seen so far this year? We’ll let you know what they have to say. We’ll talk a little about earnings tomorrow too. Stay tuned.
Have a nice evening everyone.
