Friends
Just when this market looks like it is running out of steam it seems to find another gear. Tomorrow, we get the results of this week’s Fed FOMC meeting, but the bulls didn’t appear to be too concerned. No, the Fed won’t change the Fed Funds rate but commentary about recent inflation and economic data will surely be of special interest to investors.
As for today, by the close the Dow Jones Industrial Average was up 320 points to finish the day at 39,110. The S&P 500 was up 29 points to close at 5,178. The Nasdaq Composite Index was up 63 points to close at 16,166. Gold was down $4 to trade at $2,160 per ounce, while oil was up $.79 to trade at $83.51 per barrel WTI.
The narrative entering the year was that the Fed would be lowering short term interest rates in the first half of the year. Now it appears that if there are any rate cuts it will occur in the second half of the year. Interestingly though, the market averages have continued to push higher despite the shifting narratives. Let’s see how markets react to the Fed statement and the Chair’s press conference tomorrow.
Have a nice evening everyone.
