Friends
It wasn’t much but the bulls finally had a little something to cheer about today. After a more than 500 point drop in the Dow, buyers showed up this afternoon (maybe covering shorts) to push stocks into positive territory near the close. After a disastrous April, it was disheartening for the bulls to see selling continue as the new month kicked off this morning. So, all in all, a moral victory in a difficult time.
For the day, the Dow Jones Industrial Average was up 84 points to close at 33,061. The S&P 500 was up 23 points to finish the day at 4,155. The Nasdaq Composite Index was up 201 points to close at 12,536. Gold was down $48 to trade at $1,862 per ounce, while oil was up $.67 to trade at $105.36 per barrel WTI.
The Fed begins their 2-day FOMC meeting tomorrow, and we’ll get the statement and Chair press conference on Wednesday. The markets are expecting a half point hike in the Fed Funds rate at this meeting as the Fed accelerates the pace of their fight against inflation. Today’s intraday volatility is likely indicative of what we are going to see at the moment. Stay with us this week. We’ll let you know how markets react to the Fed.
Have a nice evening everyone.
