Friends

We had a lot of economic news to deal with today. For starters, we got our first look at 4th quarter GDP. Yikes! We were expecting growth of about 1% (not good, but at least remaining positive), but what we got was a negative .10%. Not a total disaster, and it will be adjusted a couple of times, but that is an awful number none the less. In addition to the GDP information, we got the Fed announcement this afternoon, and of course interest rates will remain the same and the bond purchase program will remain in place. Those concerned that the Fed would change course anytime soon, can rest easy tonight. That GDP number should keep Mr. Bernanke engaged for quite some time.

How did the market do you ask? Well for the day, the Dow Jones Industrial Average was down 44 points to close at 13,910. The S&P 500 was down 5 points to finish the day at 1501. Gold was up $15 to trade at $1676 per ounce, while oil was up $.50 to trade at $98.07 per barrel WTI.

Well, the GDP number did seem to cool off the stock market for a day. Also came the news late in the trading day of the Israeli warplanes attacking sites in Syria. The bulls have been able to shake off any type of bad news up until today. We’ll see if stocks can get back on track, or is this the beginning of a pullback? We actually have been hoping for a bit of a cooling off period for stocks. We’ll see if this is more than a one day affair.

Have a nice evening everyone.

Copyright 2021 Carlton, Hofferkamp & Jenks Wealth Management, LLC. All Rights Reserved.

Hand-crafted by Web Design The Woodlands - Design Squid

Log in with your credentials

Forgot your details?