What looked like a good week for stocks ended on a sour note, as stocks spent the entire trading session in negative territory. We got a PPI number this morning that was a little hotter than expected, so we can add that to the data points that the FOMC will have to chew on next week.
By the close the Dow Jones Industrial Average was down 140 points to finish at 17,898. The S&P 500 was down 14 points to close at 2094. Gold was down $.30 to trade at $1180 per ounce, while oil was down $.80 to trade at $59.97 per barrel WTI.
Well, it looked like the amnesia market surfaced once again today, so it’s hard to guess what next week has in store for us. Of course, the focus will be on the Fed. No, there won’t likely be any interest rate hike next week, but perhaps we’ll get a better indication of just when the Fed intends to begin the tightening process(some say never). We’ll let you know how it plays out next week.
Have a great weekend everyone.