As we pointed out yesterday, it was the messenger, not the message. Once traders got over the shock of watching our new Fed Chair, they realized that nothing really changed, and even if Ms. Yellen’s timetable seemed a bit hawkish, future data will determine what actually happens (by the way, when has a Fed forecast actually been right anyway- I’ll wait for your answer). So basically, stocks recovered yesterday’s damage.
By the close, the Dow Jones Industrial Average was up 108 points to finish the day at 16,331. The S&P 500 was up 11 points to close at 1872. Gold was down $13 to trade at $1327 per ounce, while oil was down $.94 to trade at $99.43 per barrel WTI.
All in all, it’s been a good week for the bulls as we hover just below the all-time highs in the S&P. The bears haven’t been able to capitalize on their chances so far this year. Yes, we had a slightly messy first quarter, but the bears certainly can’t claim victory. Let’s see how the week ends tomorrow.
Have a nice evening everyone.