It was another listless day of trading (despite market averages dancing near all-time highs), as traders seemed mostly uninterested in participating on either side of the ledger. There was a little bit of volatility, but as we pointed out yesterday, there is just no real direction (plot) to the markets so far in 2014.
By the close, the Dow Jones Industrial Average was up 32 points to finish the day at 16,583. The S&P 500 was up 2 points to close at 1878. Gold was, once again, mostly unchanged to trade at $1288 per ounce, while oil was down $.21 to trade at $100.05 per barrel WTI.
Next week’s economic calendar includes Retail Sales and Business Inventory numbers on Tuesday, CPI, Empire State Manufacturing Index and Jobless Claims on Thursday, and Housing Starts and Consumer Sentiment on Friday. Ms. Yellen will be speaking at an SBA event on Thursday, but after this week’s Q&A on Capitol Hill, it seems likely we know where she and the Fed stand at this moment (accommodative). We’ll let you know how next week unfolds.
Have a great weekend everyone and Happy Mother’s Day on Sunday.