Richard's Thoughts on News and the Markets
Oil prices finished about unchanged, but allowing the first down week in ... Log in or subscribe to continue reading.
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.
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