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Stocks opened higher Monday and Tuesday but in each case those early gains were wiped out by close. Wednesday was a Fed day and investors celebrated their dovish decision to prolong any rate hikes. Stocks rallied into the close following the Fed statements which carried into Thursday's open. Stocks were down Friday but not enough to do any significant damage to the Wednesday and Thursday gains.
The C-fund was up more than 1% but the big news for the TSP funds was the 3.15% gain on
Stocks followed up on the Wednesday Fed rally with another rally on Tuesday. The Dow added 99-points, which was off the early highs. The uncertainty of a rate hike lifted for a while, and investors have taken that as a signal that it's OK to buy again.
The Federal Reserve did not make a move on interest rates yesterday, and the market applauded with a strong afternoon rally. The Dow gained 164-points. There were dissenters who voted for a rate hike, but in the end not many expected the Fed to do anything that could hurt the stock market before a presidential election.
The Dow gave up another early 100+ point gain yesterday as investors remain nervous in front of today's FOMC policy statement and Janet Yellen's press conference. The nervousness is understandable, but it's interesting that we saw two triple digit gains in early trading the last two days. The Dow ended with a gain of just 10-points, the S&P was flat again, and small caps were down.
The Dow blew a 130-point early gain yesterday and ended the day down 4-points. Granted, volume was very light and investors are nervous in front of this Wednesday's policy statement from the Fed, but that's an ugly daily formation. The S&P was flat and the Nasdaq was down modestly after some profit taking in Apple, while small caps had a good day.