Friends
As expected, the Federal Reserve lowered interest rates by a quarter of a point today. The Fed Funds rates will now be in the range of 4.50% to 4.75% with the likelihood that we will see it move lower in the coming months. On the other end of the yield curve the 10-year Treasury Note yield has moved higher over the past several weeks and it would not be surprising to see that continue. Stocks on the other hand continue to push higher with growth stocks leading the way.
As for stocks, by the close the Dow Jones Industrial Average was down a fraction to finish the day at 43,729. The S&P 500 was up 44 points to close at 5,973. The Nasdaq Composite Index was up 285 points to close at 19,269. Gold was up $34 to trade at $2,711 per ounce, while oil was up $.37 to trade at $72.06 per barrel WTI.
As I mentioned yesterday, the bulls are not only firmly entrenched on the high ground, the generals are having a cocktail party. In the meantime, let’s see how the week finishes out tomorrow. Stay tuned.
Have a nice evening everyone.
Jim
