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Stocks opened modestly higher on Wednesday and accelerated to the upside after the FOMC rate hike announcement. There was a slight dip into the close so the indices ended the day off their highs, but the Dow gained 113-points with larger percentage gains in the broader indices.
Investors showed some nerves in front of today's FOMC meeting and probable rate hike. The Dow lost 44-points on the day but once again we are seeing some buying into the close so the dip are out there. They just weren't being very enthusiastic the day before the Fed meeting.
Neither the bulls nor the bears were willing to trade with any conviction yesterday as it was a quiet day in front of the two-day FOMC meeting which starts today. The indices were mixed with the Dow dipping 22-points, while the S&P 500, Nasdaq, and small cap posted small to modest gains. The Transportation stocks were down.
Stock futures were moving higher into Friday's early jobs report and we did see a brief pop after the report, but the reaction was fairly muted by the time the stock market opened on Friday. By early afternoon most of the gains were gone but the dip buyers showed up late producing a positive reversal day. The Dow ended the day up a modest 45-points.
Stocks were down early this week kicking off a change in momentum in the major indices. The week continued with some weak closes and a jobs report which helped to wipe out some of the losses for the week.
The February jobs report came out with an addition of 235,000 jobs and 4.7% unemployment. This put stocks up early Friday but traders were quick to sell. Dip buyers showed mid-day to bring back some of those gains.
This week we will likely see a rate hike from the Fed