Friends
Hand wringing over the release of the minutes from the Federal Open Market Committee meeting kept stocks quiet and within a tight trading range most of the morning. Once the minutes were released at 1:00 our time, volatility did pick up a little, but the contents of the minutes were no real surprise. Yes, the committee discussed how to disseminate to the markets just how and when the Fed might start the tapering process, but as Dr. Bernanke has insisted, economic data will dictate when the Fed will change direction.
Anyway, by the close, the Dow Jones Industrial Average was down 8 points to finish the day a 15,291. The S&P 500 was up a fraction to close at 1652. Gold was up $3 to trade at $1249 per ounce, while oil continued to rip higher with WTI up $2.44 to trade at $105.97 per barrel.
We sent out our 3rd quarter outlook earlier this afternoon, so be sure to look for that. Clients will receive a hard copy in their 2ndquarter summary statement. After the close, Dr. Bernanke will be speaking so we’ll monitor that and let you know how it affects trading tomorrow.
Have a nice evening everyone
