Led by the recently depressed energy, industrials, and materials sectors, stocks finally staged a bit of a rally after 6 straight down days. Whether it’s the beginning of a snap back or just a “dead cat bounce” remains to be seen, but at least for today, the bulls had something to cheer about. Remember, the FOMC meeting began today and will wrap tomorrow, so market participants will be waiting for the Fed statement which will hit the tape tomorrow afternoon (1:00 our time). There is no scheduled press conference for the Chair, so the statement will have to do.
As for today, by the close the Dow Jones Industrial Average was up 189 points to finish the day at 17,630. The S&P 500 was up 25 points to close at 2093. Gold was down $1 to trade at $1094 per ounce, while oil was up $.33 to trade at $47.72 per barrel WTI. The S&P did bounce nicely off the 200 day moving average again, so the bears will have to break that eventually if they want to get the market averages lower.
Just a heads up our friend, estate attorney Paul Strug, will be in our office next Tuesday the 4th of August. If you or someone you know would like to set up a time to visit with Paul let us know and we’ll get it set up. In the meantime, we’ll let you know what the Fed has to say tomorrow (no, there won’t likely be a rate hike announced just yet), and if the bulls can build on today’s action, or do the bears hold the high ground for the moment.
Have a nice evening everyone.