Friends
After Friday’s Fed induced carnage (ok, maybe the Fed didn’t cause the selloff, but they didn’t help), stocks began the week with a positive slant as traders came into the week looking for some bargains. Despite a strong early morning surge, stocks did seem to lose a some of their momentum as the trading session wore on.
By the close, the Dow Jones Industrial Average was up 125 points to finish the day at 16,510. The S&P 500 was up almost 9 points to close near 1967. Gold was down $5 to trade at $1132 per ounce, while oil was up $1.69 to trade at $46.37 per barrel WTI.
On the domestic economic front, existing home sales are still healthy, though August did show a little bit of a slowdown. During the week we’ll get FHFA Housing Price Index, PMI Manufacturing, Durable Goods, Jobless Claims, and on Friday our third look at 2nd quarter GDP. Of course, the Fed has turned their attention to global macro concerns, so whether these domestic data points have any bearing on what the Fed is thinking in the near term is anyone’s guess. We’ll keep an eye on it all for you as the week progresses.
Have a nice evening everyone.
