Friends
Stocks were mixed today as we wind our way towards the end of the 3rd quarter. On the economic front the August personal consumption expenditures price index (PCE) increased 0.1% which was what analysts were expecting, putting the all-important inflation measure at 2.2% year over year. That actually was a little better than expected and a welcome relief to the Federal Reserve. The Fed’s desired target for inflation is almost achieved at this point which gives them the freedom to now focus on the employment picture with regards to future Fed policy/rate cuts.
As for today, by the close the Dow Jones Industrial Average was up 137 points to finish the day at 42,313. The S&P 500 was down 7 points to close at 5,738. The Nasdaq Composite Index was down 70 points to close at 18,119. Gold was down $21 to trade at $2,673 per ounce, while oil was up $.84 to trade at $68.51 per barrel WTI.
Just one more trading day left in the quarter. Let’s see if the bulls can bring this thing in for a soft landing on Monday.
Have a great weekend everyone.
