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Stocks were slightly higher Monday but relatively flat on Monday as the Dow gained 22-points, the S&P gained 0.1%, and the small caps were down very slightly.
Stocks were up on Friday as the Dow gained another 121-points. The broader indices were more mixed but still mostly positive with the S&P gaining 0.44%, the small caps leading the way, and large tech Nasdaq 100 stocks up just 0.16%, while the I-fund was down.
The overnight futures were down sharply on Thursday morning but bottomed at about 6:30 AM ET and for the rest of the day the market indices floated higher as the bears once again stepped aside and let the bulls do their thing. The Dow closed with a gain of 156-points as the post Fed exuberance continued.
The reaction to the Fed is almost always positive for the stock market and yesterday was no exception. The Dow ended the day up 74-points and it was in negative territory before the policy statement announcement. It wasn't just stocks that rallied, but bonds, gold, oil, and other commodities and much of that was a result of a sharp decline in the dollar. These kind of reactions do not always hold in the days following the FOMC meeting, so the next couple of days could be more telling than
The Dow gained 22-points yesterday but the broader indices experienced modest losses as we head into today's FOMC policy statement. The last two trading days have been the lightest trading volume days of the year as investors are on hold. Some weaker than expected retail sales data set the tone for the day early on but the bears were not able to hold the opening losses as dip buyers jumped in.