The Fed's 1/4% increase in short rates had about as much impact on the markets as the Singapore summit, which in turn just about matched the impact of the G-7 meeting. Until the last minutes of trading, when stocks tumbled and the precious metals took off – moderately. The next source of angst? Europe's ECB decision and comments on their willingness to keep buying securities in order to keep interest rates low, coming tomorrow.
As the dust settles, we have the Dow Industrials down 120 points or 0.47%, and the Transports down 0.77%. The S&P 500 gave up 0.4%, the S&P Small Caps gave up 0.56%, while the NASDAQ lost only 0.11%. Market breadth ran two to one on the downside, led by telecoms, construction, and mining issues, which oddly included XAU – down 0.03%.
That was odd because gold gained $4 on the day, and silver was up 20 cents. Platinum ... Log in or subscribe to continue reading.
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