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Richard's Thoughts on News and the Markets

Daily Recap

Stocks were mostly lower worldwide, including in Asia and N. America. European stocks, however, rose, as the STOXX 600 was up 0.5%. The day's focus, of course, was Janet Yellen's words from the flats below the spectacular Teton mountains. She surprised nobody, stating that conditions looked right for a future interest rate hike -- while not announcing one now. The Fed's Vice-Chair, Stanley Fischer, saw her and raised her by suggesting two rate hikes before year end.

Stocks and metals celebrated initially, but upon further reflection pulled a "Never mind!" and headed south. At the close, the Dow was down 53 points and the S&P lost 3 points, although the NASDAQ did close up 7 points on the day. Gold and platinum only lost a dollar, with silver bucking the trend, up 12 cents. XAU was down almost a point.

Oil prices finished about unchanged, but allowing the first down week in ... Log in or subscribe to continue reading.


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