Friends
Stocks got off to a good start this morning as traders prepared for the Fed announcement on interest rates tomorrow. The Dow was sporting a 300 point gain at one point, but as the trading session wore on, stocks began to falter and by mid-afternoon all the gains had evaporated. But in the last hour of trading, the bulls gathered themselves and were able to salvage very small gains.
By the close, the Dow Jones Industrial Average was up 82 points to finish the day at 23,675. The S&P 500 was up a fraction to close at 2,546. Gold was up $1 to trade at $1,252 per ounce, while oil was down a whopping $3.66 to trade at $46.22 per barrel WTI.
All eyes will be on the Fed announcement tomorrow. Have the markets done enough to scare the Fed off a quarter point rate hike? I’m guessing not, but I would be stunned if the accompanying statement isn’t extremely dovish with the Fed acknowledging that the outlook for future economic growth may be shifting. Let’s see what the Fed does and how the market reacts. Stay tuned.
Have a nice evening everyone.
