Friends
Today’s release of the PCE (personal consumption expenditures) came in about as expected showing an increase of 2.4% year over year. Excluding food and energy the number came in at a 2.8% year over year increase-also in line with expectations. This is supposedly the Fed’s favorite measure of inflation. If that is the case, then they should be pleased. Stocks moved higher for the day and finished higher for the month once again.
By the close, the Dow Jones Industrial Average was up 14 points to finish the day at 38,963. The S&P 500 was up 27 points to close at 5,097. The Nasdaq Composite Index was up 134 points to close at 16,082. Gold was up $10 to trade at $2,052 per ounce, while oil was down $.29 to trade at $78.25 per barrel WTI.
So, despite all the worries and the hand wringing the market averages have posted two positive months to begin the year and mostly sit at or near all-time highs. Investors will continue to try to determine when/if the Fed will begin to lower interest rates. But in the meantime, the bulls continue to hold the high ground. Let’s see how March begins and the week finishes out tomorrow.
Have a nice evening everyone.
Jim
