Friends
Today’s inflation data wasn’t as bad as feared giving market participants confidence that the Fed will have an all-clear signal to lower the Fed Funds rate next week. Stocks have definitely been strong this week as the market averages near all-time highs again.
For the day, the Dow Jones Industrial Average was up 104 points to close at 47,954. The S&P 500 was up 13 points to finish the day at 6,870. The Nasdaq Composite Index was up 72 points to close at 23,578. Gold was down $12 to trade at $4,231 per ounce, while oil was up $.46 to trade at $60.13 per barrel WTI.
So, we are concluding that the Fed will lower the Fed Funds rate next week. Have stocks properly priced that in at this point. That’s always the question. Will the markets rally if the Fed delivers or will they sell the news. It will be an interesting week. Stay tuned.
Have a great weekend everyone.
