Stocks spent the day drifting in negative territory, with very little volatility and seemingly very little interest from traders. In addition to the Jewish holiday (Happy New Year to our Jewish friends, by the way), it appears traders are on hold as we wait for the 2-day FOMC meeting to get under way on Wednesday (we will get the decision Thursday afternoon).
By the close, the Dow Jones Industrial Average was down 62 points to finish the day at 16,370. The S&P 500 was down 8 points to close at 1953. Gold was up $4 to trade at $1107 per ounce, while oil was down $.53 to trade at $44.10 per barrel WTI.
We will get a couple more economic data points before Thursday’s Fed decision, including Retail Sales, Business Inventories and Industrial Production tomorrow, and the CPI number on Wednesday. But of course everyone’s attention will be on that FOMC meeting and the decision on Thursday. Stay tuned.
Have a nice evening everyone.