As we wait for the 2 day FOMC meeting which begins tomorrow, and while the trading world immerses itself in trading Bitcoin futures, stocks had a quiet but positive day of trading. In our mind, that the Fed will raise rates a quarter of a point on Wednesday afternoon is a foregone conclusion. Of course, we have been wrong once or twice in the last 33 years, so there’s that.
As for stocks, by the close the Dow Jones Industrial Average was up 56 points to finish the day at 24,386. The S&P 500 was up 8 points to close at 2,659. Gold was down $4 to trade at $1,243 per ounce, while oil was up $.60 to trade at $57.96 per barrel WTI. Remember the days when gold was the asset class that fearful investors turned to when they eschewed stocks?
The Fed will get a look at the CPI number before the announcement on Wednesday, but I can’t see where even an extremely soft number will alter their course. Let’s settle in and see where the market takes us this week.
Have a nice evening everyone.