Fairly quiet trading day in both the S&P and Dow on Wednesday. The Dow failed to get above 21,000 and spent most of the day trading near the middle of the range. Late in the day headed into the close, the Dow put in the low, then rallied a bit to close down 56 points for the day.
We have employment data coming out on Friday, so we could see a bit more action tomorrow ahead of the numbers. There still is a bullish feel to the indices overall. Anticipation of a good jobs number on Friday could see buyers step up on Thursday.
We are also a week away from the next FOMC. Right now it looks like a rate hike is in place. This confidence in a move by the Fed next week is also an overall sign in an improved economy. That also seems to spill over into the equity markets right now as well. Even if we get a weak jobs number on Friday, this market seems strong enough to stand up.
John Weyer
Director Commercial Hedging
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