In the aftermath of the Fed statement and Ms. Yellen’s Q&A, traders seemed somewhat uninterested throughout the session today, as stocks spent most of the day in negative territory only to climb into the black right before the close. The President spoke and answered some questions midday, but the markets didn’t react much, as there was not really much to react to. Weekly jobless claims came in about as expected, but the Philly Fed number showed strength in general business activity in the region, and Leading Indicators showed positive jobless claims and factory workweek, which should mean gains for income and output.
As for today, the Dow Jones Industrial Average was up 14 points to close at 16,921. The S&P 500 was up 2 points to finish the day at 1959. Gold was the big winner today as the precious metal was up $45 to trade at $1318 per ounce, while oil was up $.67 to trade at $106.64 per barrel WTI.
After a little bit of action earlier in the week (and I do mean a little), we seemed to settle back into the no volume/no volatility paradigm that we have experienced for much of the year. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.