Wednesday, September 23, 2009
Fed Day
The markets moved up again Tuesday. The Dow added 51.01 points to end on 9,829.87. The SPX gained 7.00 points to close at 1,071.66. We are in the green but will be looking to adjust around the 1080 mark.
Tuesday's gains pushed the major market indices to another new high for 2009. At the same time, the Dow is on track to see its largest ever quarterly advance. The index has gained 1,335 points, a few short of the record set in the fourth quarter of 1998 of 1,339 points. Gains Tuesday came on another decline in the value of the dollar as the currency hit a yearly low against the euro. The fall in the dollar benefits commodity prices and the prospects for the stock market.
Now the focus is firmly on the Fed meeting, which began yesterday. The committee will release its interest rate descision and statement this afternoon at 2:15 p.m. est. We will be watching it closely.
Until next time.
Tuesday's gains pushed the major market indices to another new high for 2009. At the same time, the Dow is on track to see its largest ever quarterly advance. The index has gained 1,335 points, a few short of the record set in the fourth quarter of 1998 of 1,339 points. Gains Tuesday came on another decline in the value of the dollar as the currency hit a yearly low against the euro. The fall in the dollar benefits commodity prices and the prospects for the stock market.
Now the focus is firmly on the Fed meeting, which began yesterday. The committee will release its interest rate descision and statement this afternoon at 2:15 p.m. est. We will be watching it closely.
Until next time.
# posted by Paul @ 3:46 AM 
