Friends
The release of the Fed minutes from the last meeting three weeks ago, indicated that Dr. Bernanke and friends seem to be leaning towards additional quantitative easing very soon. Is it necessary? Will it work? Will we continue to see diminishing returns? We will see shortly, but for the day, stocks did rally off their lows. After being down more than 75 Dow points, traders reacted to the Fed minutes and turned the tide. By the close, though, we had somewhat mixed results.
For the day, the Dow Jones Industrial Average was down 30 points to close at 13,172. The S&P 500 was up a fraction to finish the day at 1413. Gold was up $14 to trade at $1677 per ounce, while oil was up another $.43 to trade at $97.27 per barrel WTI.
On the economic front, we will get the weekly jobless claims tomorrow, then on Friday we get the durable goods orders. We’ll see how the rest of the week goes, but for today, the news is that the Fed is still inclined to pour more punch into the punch bowl. We’ll see if it works.
Have a nice evening everyone.
