Friends
Wall Street had a snow day (although the storm pretty much missed New York City). Trading was quiet, but stocks spent the entire session in negative territory. Though the bears haven’t been able to totally break the animal spirits that have been developing, they have been able to halt the bulls advance. Of course, with today being the first day of the FOMC meeting, most traders are on hold until tomorrow.
As for today’s trading, by the close the Dow Jones Industrial Average was down 44 points to finish the day at 20,837. The S&P 500 was down 8 points to close at 2,365. Gold was down $5 to trade at $1,198 per ounce, while oil was down $.54 to trade at $47.86 per barrel WTI.
The house’s health care plan seems to have left both sides of the aisle displeased, and there is still a worry that the administration could get bogged down in the healthcare struggle and not get to tax reform and an infrastructure bill. Given today’s hotter than expected PPI number, it appears the Fed has all the data they should need to announce a rate hike tomorrow afternoon. How will stocks react? Heck, how will bonds react? Stay tuned, we’ll let you know.
Have a nice evening everyone.
