As we have seen throughout 2015, the markets seem to have no memory from day to day. After yesterday’s Fed fueled rally, stocks couldn’t find a bid today, as traders seemed uninterested in chasing yesterday’s rally. The takeaway from the Fed meeting yesterday was that the FOMC wants to raise rates this year, mainly to show that they still can do it, but they desperately need the economy to cooperate. Whether that happens remains to be seen.
As for stocks, by the close the Dow Jones Industrial Average was down 117 points to finish the day at 17,959. The S&P 500 was down 10 points to close at 2089. Gold was up $19 to trade at $1171 per ounce, while oil was down $.95 to trade at $43.71 per barrel WTI.
If nothing else, March has been volatile. We’ll keep an eye on things and see how the week ends tomorrow. In the meantime, you all can enjoy the basketball games. I’ll bet a lot of brackets are already ruined.
Have a nice evening everyone.