Friends
The bulls had something cooking for most of the trading session, but as is often the case, the markets changed direction after the Fed Chairman held his press conference. For those who trade markets on a minute by minute basis, each Fed statement or Chair press conference can contain enough nuance to effect market direction for the next hour. But for those of us who invest for our family’s future, all you need to know is that the Fed is firmly in the stance of “whatever it takes”. Interest rates are likely to be zero for years to come (their estimate, not mine), and the Fed is “all in” with regards to easy monetary policy.
As for today’s market action, by the close the Dow Jones Industrial Average was up 36 points to finish the day at 28,032. The S&P 500 was down 15 points to close at 3,385. The Nasdaq Composite Index was down 139 points to close at 11,050. Gold was down $3 to trade at $1,963per ounce, while oil was up $1.86 to trade at $40.14 per barrel WTI.
Now, with the Fed meeting behind us, market participants will have a bit of a void to fill before we move into the final earnings season of the year. Oh, and I’ve heard there’s an election coming in November.
Have a nice evening everyone.
Jim
