Friends
Stocks continued their downward slide today, albeit at a very deliberate pace, as technical conditions continue to deteriorate. Yes, the election is wearing everyone down, but today we focused momentarily on the FOMC statement which basically paved the way for a December rate hike- of course unless the data doesn’t justify it. The statement indicated that inflation was getting a little better but still not at the 2% target pace, and that employment is solid. Business investment is still soft, but the economy in general continues to get gradually better (according to the Fed). Oh, and of course, no rate hike today, which was not surprise.
As for stocks, by the close the Dow Jones Industrial Average was down 77 points to finish the day at 17,959. The S&P 500 was down 13 points to close at 2097. Gold was up $9 to trade at $1,297 per ounce, while oil was down $1.16 to trade at $45.51 per barrel WTI. Natural Gas was down $.106 to trade at $2.796.
Today’s ADP private payrolls number was a little weaker than expected, but all eyes will be on Friday’s non-farm payroll number. The consensus estimate for Friday’s jobs number is about 178,000 new jobs having been created in October. Having said all that, the Fed is on hold until mid-December, so first we have to deal with the election. Don’t worry folks, the political season will be over soon. We’ll try to maintain our sanity.
Have a nice evening everyone.
