Friday, June 29, 2007
Fed Day
The Fed spoke today and the markets ended up flat! The Dow lost 5.45 points to close at 13,422.28. The SPX was down less than a point to 1,505.71. We are in the green and looking ok.
The main event Thursday was of course the Fed statement, which provided some fuel for both the bears and bulls. The Fed continued to state that inflation was its number one concern, but it took out the word “elevated” when talking about core inflation. The Fed expects growth to pick up in the economy and for inflation pressures to continue to ease, but there remain concerns about oil prices and the housing sector.
Crude prices were a concern Thursday after a barrel of oil moved above $70 briefly today. Oil prices closed at $69.57, a gain of 60-cents. Though supply seems to be ample, concerns about the ability to refine crude is creating higher prices. The high price for gasoline at the pumps is also a concern for consumer spending going forward.
Today Apple launches it iPhones. Lets see how that affects things!
Until next time.
The main event Thursday was of course the Fed statement, which provided some fuel for both the bears and bulls. The Fed continued to state that inflation was its number one concern, but it took out the word “elevated” when talking about core inflation. The Fed expects growth to pick up in the economy and for inflation pressures to continue to ease, but there remain concerns about oil prices and the housing sector.
Crude prices were a concern Thursday after a barrel of oil moved above $70 briefly today. Oil prices closed at $69.57, a gain of 60-cents. Though supply seems to be ample, concerns about the ability to refine crude is creating higher prices. The high price for gasoline at the pumps is also a concern for consumer spending going forward.
Today Apple launches it iPhones. Lets see how that affects things!
Until next time.
# posted by Paul @ 5:41 AM 
