Friends
Although we don’t expect much to come out of this week’s FOMC meeting, it felt like market participants were in a wait and see mode today. Stocks did spend most of the day in positive territory but only modestly and without much conviction. But, at this point for the bulls, gains continue to push the S&P above that previous resistance level.
By the close, the Dow Jones Industrial Average was up 65 points to finish the day at 25,914. The S&P 500 was up 10 points to close at 2,832. Gold was mainly unchanged while trading at $1,302 per ounce, while oil was up $49 to trade at $59.01 per barrel WTI.
As mentioned the Fed begins their two day FOMC meeting tomorrow and we’ll get the statement and the Fed Chair’s press conference on Wednesday. Later in the week we’ll get Philly Fed Business Outlook, Leading Indicators, and Existing Home Sales. We’ll also get off season earnings from the likes of Fed Ex, Nike, Micron, Conagra, Tiffany’s and General Mills. The bulls still hold the high ground as we endeavor to navigate the waters this week. Stay tuned.
Have a nice evening everyone.
