Friends
Stocks continue to inch higher on what seems like a daily basis. The President gave a fiery speech at the UN today, but it had little effect on markets. The housing starts number was good, but did show some effects from Harvey as results fell in the South 7.9%. Today was day one of the 2 day FOMC meeting, but once again we don’t expect a rate hike this week.
As for stocks, the Dow Jones Industrial Average was up 39 points to close at 22,370. The S&P 500 was up 2 points to finish the day at 2,506. Gold was up $4 to trade at $1,315 per ounce, while oil was down $.31 to trade at $49.60 per barrel WTI.
We’ll see what the Fed has to say tomorrow afternoon. We are guessing that they will start to reduce the balance sheet, but suspect it will be at a deliberate pace. Other than that, we continue to watch stocks grind higher. It’s not a dynamic move, but it is determined.
Have a nice evening everyone.
Stay Strong Houston
