Friends
Stocks finished another wild week on a very high note. Coming into the week it looked like the economic slowdown narrative had the bulls playing defense, but as the week unfolded and inflation data was mostly as expected, stocks staged quite a rally.
As for today, by the close the Dow Jones Industrial Average was up 297 points to finish the day at 41,393. The S&P 500 was up 30 points to close at 5,626. The Nasdaq Composite Index was up 114 points to close at 17,683. Gold was up $29 to trade at $2,610 per ounce, while oil was up $.18 to trade at $ 69.15 per barrel WTI.
Next up is the much-anticipated FOMC (Federal Open Market Committee) meeting next Tuesday and Wednesday. On Wednesday we will get the Fed’s decision on rates and the Fed Chair’s press conference. Will they lower the Fed Funds rate by 25 or 50 basis points? It will be a very interesting week ahead. Stay tuned.
Have a great weekend everyone.
