Friends
And on the last day of the week the bulls rested. After a hectic week of trading which saw stocks rally to new all-time highs, today’s market action was quite muted. The bulls did attempt a couple halfhearted buying waves, but when all was said and done, stocks drifted into the end of the week.
By the close, the Dow Jones Industrial Average was down 34 points to finish the day at 26,719. The S&P 500 was down 3 points to close at 2,950. Gold was up $6 to trade at $1,403 per ounce, while oil was up $.45 to trade at $57.52 per barrel WTI.
Even though the Fed decided not to raise the Fed Funds rate this week, expectations are extremely high that the Fed will definitely raise rates at the FOMC meeting towards the end of July. It will be interesting to see if anything develops on the bright side to deter the Fed, but if that would happen, how does the stock market react. We truly seem to be in a bad news is good news environment where the stock market wants enough economic stress to ensure that the Fed will cut rates in July. Nothing new, we’ve seen this movie several times over the past 10 years.
Have a great weekend everyone.
