Friends
Despite yesterday’s selloff near the close, market participants seem content with the hand that the Fed dealt them yesterday. Again, Fed Chair Powell tried to calm the fears that given the recent data on inflation we might actually see a rate hike in the near future instead of rate cuts. The Fed Chair indicated that rate cuts are still most likely coming and traders felt like buying today.
By the close, the Dow Jones Industrial Average was up 322 points to finish the day at 38,225. The S&P 500 was up 45 points to close at 5,064. The Nasdaq was up 235 points to close at 15,840. Gold was up $2 to trades at 2,313 per ounce, while oil was up $.01 to trade at $79.01 per barrel WTI.
After the close we get a look at Apple’s earnings and tomorrow morning we get the non-farm payroll numbers. The expectations are for about 240,000 new jobs created in April, and as far as Apple goes, expectations are somewhat muted. But, of course, the markets will tell us the story tomorrow. We’ll let you know how the week finishes out.
Have a nice evening everyone.
