Friends
As we wait for tomorrow’s Fed release, markets were once again occupied with the Facebook/Cambridge Analytica story. Cambridge suspended its CEO today, and if I didn’t know better, Facebook’s Mark Zuckerberg might have suspended himself. Both he and COO Sheryl Sandberg seem to be hiding under a rock while their company is under siege. Mr. Z might want to attempt a little leadership at this point.
As for the markets, stocks spent most of the day in positive territory. By the close, the Dow Jones Industrial Average was up 116 points to finish the day at 24,727. The S&P 500 was up 4 points to close at 2,716. Gold was down $7 to trade at $1,310 per ounce, while oil was up $1.34 to trade at $63.42 per barrel WTI.
As mentioned the FOMC meetings concludes tomorrow and we expect that the Fed will raise the Fed Funds rate a quarter of a point. Beyond that, market participants will be paying close attention to the accompanying statement to determine whether the Fed appears more hawkish or dovish as it looks into the rest of 2018. We’ll let you know what the Fed decides and how the market reacts tomorrow. Stay tuned.
Have a nice evening everyone.
