Stocks were comfortably higher before the Fed statement was released at 1:00, and moved even higher after the release. There was nothing really new in the FOMC statement, but it seemed the Fed was more constructive on the labor situation and the economy in general. There was no declaration of an impending rate hike, but September or December still seems most likely.
As for stocks, by the close the Dow Jones Industrial Average was up 121 points to finish the day at 17,751. The S&P 500 was up 15 points to close at 2108. Gold was mostly unchanged at $1095 per ounce, while oil was up .80 to trade at $48.78 per barrel WTI.
Earnings season continues to play out, and for the most part the expected decline in revenues (and in some cases profits) has occurred. After six straight down days, we now have a couple of nice up days for the bulls to build on. Let’s see how the rest of the week plays out. If market participants can look past last quarter’s earnings performance, maybe the bulls can add to this week’s gains.
Have a nice evening everyone.