Friends
Stocks moved higher in today’s trading session despite interest rates continuing to inch higher and the uncertainty of a Fed meeting this week. I say uncertainty in that it is known that the Fed won’t change the Fed Funds rate this week, but what messaging comes from the statement and the subsequent press conference by the Fed Chair will be what traders are focusing on. We have seen inflation be a little stickier recently at the same time the economy is beginning to show a little softening. A little bit of a tight rope for the Fed to navigate this week. Stay tuned.
In the meantime, for the day the Dow Jones Industrial Average was up 75 points to close at 38,790. The S&P 500 was up 32 points to finish the day at 5,149. The Nasdaq Composite Index was up 130 points to close at 16,103. Gold was up $2 to trade at $2,164 per ounce, while oil was up $1.94 to trade at $82.89 per barrel WTI.
If you hadn’t noticed, oil prices have been pushing higher and are at the highest levels we’ve seen for a while. Just another trend that could influence the Fed’s messaging this week. We’ll let you know how it all unfolds this week.
Have a nice evening everyone.
