The Fed minutes released today indicated that they will be concluding the quantitative easing program in October. So, yes, the taper should remain on schedule and the punch bowl will finally be taken away. Now, that does not mean that they intend to raise rates anytime soon, but one step at a time. As for the markets, stocks were meandering along in slightly positive territory when the Fed minutes were released, but rallied further toward the end of the session.
By the close, the Dow Jones Industrial Average was up 78 points to finish the day at 16,985. The S&P 500 was up 9 points to close at 1972. Gold was up $12 to trade at $1329 per ounce, while oil was down $1.21 to trade at $102.19 per barrel WTI.
We sent out our 3rd quarter outlook earlier today via email. For those of you who are clients, you will receive a hard copy with your quarterly review next week. For those of you who are not clients, but would like to become one, don’t hesitate to give us a call.
Have a nice evening everyone.