I was so engrossed in the flogging of Mark Zuckerberg, Jeff Bezos, Sundar Pichai, and to a lesser degree Tim Cook by the folks on the Hill, I almost forgot to do this email. Fed Chair Powell also held his presser after the Fed Decision (the Fed did not change interest rates), and he reiterated that the Fed isn’t even considering raising interest rates, ever in our lifetime (ok, I added the last part). The Fed Chair also showed some concern that the “recovery” might be slowing a bit. What a day of television and headlines.
Stocks rallied on the dovish Fed stance, and by the close the Dow Jones Industrial Average was up 160 points to finish the day at 26,539. The S&P 500 was up 40 points to close at 3,258. Gold was up $15 to trade at $1,959 per ounce, while oil was up $.23 to trade at $41.27 per barrel WTI.
We’ll get earnings reports from those big tech hoodlums tomorrow after the close as Google, Apple and Amazon all report. Despite the uncomfortable earnings season we find ourselves in, the bulls can still take comfort in the fact that the Fed is firmly by their side providing a blustery tail wind.
Have a nice evening everyone.