Despite a nice move in the Dow Jones Industrial Average (led by Boeing and Goldman Sachs), stocks were mostly quiet today with the S&P only up slightly and the Nasdaq actually down for the day. The PPI number was a little hotter than expected which makes tomorrow’s CPI report one to watch. A tick up in inflation would only strengthen the Fed’s resolve to raise interest rates, and it would be a surprise if tomorrows FOMC statement doesn’t include a .25% increase in the Fed Funds rate.
As for today’s action, by the close the Dow was up 118 points to close at 24,504. The S&P 500 was up 4 points to finish the day at 2,664. Gold was down $1 to trade at $1,245 per ounce, while oil was down $.77 to trade at $57.22 per barrel WTI.
As mentioned, we’ll get the Fed announcement tomorrow afternoon, and before that the CPI number. Let’s see if traders have priced in a bump in the Fed Funds rate. Other than that, markets will be reacting to tax plan headlines as they appear. Stay tuned.
Have a nice evening everyone.