A Quiet Drift


Janet Yellen’s second day of testimony provided some entertaining exchanges between grandstanding politicians and the increasingly annoyed Fed Chair, but as for market participants, nothing new to act upon. Stocks basically drifted aimlessly for the entire trading session, providing very little range of motion for traders to operate within.

By the close, the Dow Jones Industrial Average was up 15 points to finish the day at 18,224. The S&P 500 was down 1 point to close at 2113. Gold was up $7 to trade at $1204 per ounce, while oil was up $1.49 to trade at $50.77 per barrel WTI.

On the economic front, we’ll get the weekly Jobless Claims tomorrow along with Durable Goods, CPI, and the FHFA House Price Index. On Friday we get a second look at 4th quarter 2014 GDP, Chicago PMI, Pending Home Sales and Consumer Sentiment. Now with Ms. Yellen off the big stage, economic data itself should be front and center in trader’s minds.

Have a nice evening everyone.

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