Friends
This morning’s weekly jobless claims number showed a continuing dip in applications for unemployment insurance. So, it appears we have a labor situation where firms are not hiring but also aren’t firing. Market participants wondered if this could possibly dampen the likelihood of a rate cut next week by the Fed, but I don’t think that’s the case. A quarter point cut in the Fed Funds rate is my guess for next Wednesday.
Anyway, stocks were mixed for the trading session. By the close, the Dow Jones Industrial Average was down 31 points to finish the day at 47,851. The S&P 500 was up 7 points to close at 6,856. The Nasdaq Composite Index was up 51 points to close at 23,505. Gold was up $4 to trade at $4,236 per ounce, while oil was up $.74 to trade at $59.69 per barrel WTI.
It’s been a decent week for stocks as market participants await next week’s all-important FOMC meeting. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
