Stocks drifted higher during the trading session while market participants wait for the results of the two day FOMC meeting. It seems unlikely that anything drastic would come from the meeting, but traders will keep an eye on Ms. Yellen’s press conference tomorrow afternoon (perhaps she’ll address oil prices and the disruption in Iraq). We suspect that the Fed will continue the trimming of QE and that rates will remain at zero. What we are never sure of is what guidance the Fed will give with regards to when rates will change. We’ll keep an eye out for any change in guidance.
As for today, the Dow Jones Industrial Average was up 27 points to close at 16,808. The S&P 500 was up $4 to finish the day at $1942. Gold was down $5 to trade at $1270 per ounce, while oil down $.68 to trade at $106.22 per barrel WTI.
We’ll monitor the Fed statement and the Yellen presser and let you know how market participants respond to both.
Have a nice evening everyone.