The U.S. stock markets finished the week mostly flat despite hitting another record high on Monday, as investors digested minutes from the Federal Reserves officials.
The Dow Jones industrial average was down 45.13 points (-0.24%) to close at 18,552.57, driven mostly McDonald’s and Wal-Mart. The S&P 500 fell 3.15 points (-0.14%) to settle at 2,183.87 as Utilities and Telecom stocks lagged behind. The Nasdaq composite closed flat at 5.238.38.
On Wednesday, the Federal Reserves released its July meeting minutes, but provided little details on when they expected to conduct the next rate hike. The market reaction remained mute as investors continue to believe the rate hike is off the table in September, and possibly for the rest of 2016.
It has been a bullish week for the crude as renewed optimism of a re-balance of the oil market was fueled by draw-downs in U.S. crude and gasoline inventories, declining production in regions such as China and Latin America, and recent indications that major producers could freeze production. As such, the WTI Crude Oil closed up 8.8% for the week, last traded at $48.57/barrel.
The U.S. Dollar rose about 0.3 percent versus a basket of currencies, but still finished with a weekly loss. The December Gold futures settled slightly lower for the week to close at $1,346.20.
The week ahead: New Home Sales on Tuesday, Crude Inventory on Wednesday, and Initial Jobless Claims and Natural Gas Inventories on Thursday.
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Market Commentary – August 19, 2016
The U.S. stock markets finished the week mostly flat despite hitting another record high on Monday, as investors digested minutes from the Federal Reserves officials.
The Dow Jones industrial average was down 45.13 points (-0.24%) to close at 18,552.57, driven mostly McDonald’s and Wal-Mart. The S&P 500 fell 3.15 points (-0.14%) to settle at 2,183.87 as Utilities and Telecom stocks lagged behind. The Nasdaq composite closed flat at 5.238.38.
On Wednesday, the Federal Reserves released its July meeting minutes, but provided little details on when they expected to conduct the next rate hike. The market reaction remained mute as investors continue to believe the rate hike is off the table in September, and possibly for the rest of 2016.
It has been a bullish week for the crude as renewed optimism of a re-balance of the oil market was fueled by draw-downs in U.S. crude and gasoline inventories, declining production in regions such as China and Latin America, and recent indications that major producers could freeze production. As such, the WTI Crude Oil closed up 8.8% for the week, last traded at $48.57/barrel.
The U.S. Dollar rose about 0.3 percent versus a basket of currencies, but still finished with a weekly loss. The December Gold futures settled slightly lower for the week to close at $1,346.20.
The week ahead: New Home Sales on Tuesday, Crude Inventory on Wednesday, and Initial Jobless Claims and Natural Gas Inventories on Thursday.
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About AM_Journey
A small potato working on Bay Street