Stocks were on the way to having a very nice day, but ran into a bit of a wall in the last hour of trading. Whether comments from a Fed official or just a moment of economic realization, the bulls seem to step away from the Fed’s overflowing punch bowl as the trading session wound to a close.
For the day, the Dow Jones Industrial Average did finish higher to end the session up 133 points to close at 23,883. The S&P 500 was up 25 points to finish the day at 2,868. Gold was down $1 to trade at $1,712 per ounce, while oil was up $3.88 to trade at $24.27 per barrel WTI.
We get a look at Disney’s earnings after the close, but more importantly we’ll get a chance to hear what the company is thinking and what they plan going forward. This is certainly an iconic American company that is directly affected by the Frozen economy (see what I did there?). As we’ve mentioned, there is a tug of war going on right now between the liquidity provided by the Fed and economic reality. This battle is likely to play out for many months to come. Buckle up and stay tuned.
Have a nice evening everyone.