Friends
We saw a little more volatility on this last day of trading for the quarter, mainly driven by comments from Fed Chair Powell, but in the end the bulls still appear to have hold of the high ground. The Fed Chair hinted that quarter point rate cuts might be more likely ahead, as opposed to half point rate cuts that some market participants may desire. Either way interest rates are heading lower.
Anyway, by the close the Dow Jones Industrial Average was up 17 points to finish the day at 42,330. The S&P 500 was up 24 points to close at 5,762. The Nasdaq Composite Index was up 69 points to close at 18,189. Gold was down $15 to trade at $2,652 per ounce, while oil was up $.08 to trade at $68.26 per barrel WTI.
We head into the fourth quarter on a pretty good note. The economy was thought to be weakening but recent data seems to refute that some. Given that inflation appears to have been , the Fed is surely going to be a tailwind for stocks in the coming months. Of course, we have an election to deal with in the coming quarter and I have no idea who is going to come out on top, and no idea how the markets will react. All I can say is stay tuned.
Have a nice evening everyone.
