Friends
It was a week defined by volatility. Intraday moves were quick and stunning. Market participants had to deal with corporate earnings (mainly good), economic data (mainly good, but some mixed) and the results of the FOMC meeting and Chair Powell’s press conference. The prognostications of Fed action are becoming more and more sensational. Yes, they are going to end QE, raise the Fed Funds rate and eventually shrink the balance sheet. But this Fed headed up by Jerome Powell tries very hard not to surprise the markets. Indeed, they have signaled this hawkish turn for a while now. But you know prognosticators gotta prognosticate, I guess.
Anyway, the bulls were the last ones to have the ball this week and by the close the Dow Jones Industrial Average was up 564 points to finish the day at 34,725. The S&P 500 was up 105 points to close at 4,431. The Nasdaq Composite Index was up 417 points to close at 13,770. Gold was down $5 to trade at $1,789 per ounce, while oil was up $.46 to trade at $87.07 per barrel WTI.
By the way, Apple’s earnings, released after the close yesterday, were simply amazing. The shares responded favorably, which given what we have seen this week, was nice to see.
Have a great weekend everyone.
