There were reports of easing of tensions between China and the United States which sent stocks on a little rally early in the trading session, then a denial from the White House, sent stocks back into negative territory. But a selloff in the bond market (rates higher) helped refuel a small rally and stocks did end up finishing higher for the day.
By the close, the Dow Jones Industrial Average was up 45 points to finish the day at 27,182. The S&P 500 was up 8 points to close at 3,009. Gold was up $3 to trade at $1,506 per ounce, while oil was down $.73 to trade at $55.02 per barrel WTI.
The CPI number was slightly hotter than expected, but certainly not enough to sway the Fed from their mission next week. As mentioned, I would be surprise if the Fed doesn’t cut rates by a quarter of a point next week. In the meantime, let’s see if the bulls can keep the winning streak alive tomorrow.
Have a nice evening everyone.