Wall Street Nears Record Highs Ahead of FOMC Policy Announcement

Wall Street Nears Record Highs Ahead of FOMC Policy Announcement


S&P 500 closed higher in front of FOMC interest rate decision Wednesday

9 of the 11 S&P 500 sectors finished higher, led by the real estate (+1.4%), utilities (+0.9%), and materials (+0.7%) sectors. The energy (-1.5%) and industrials (-0.04%) sectors were the sectors to finish in the Red.

President Trump said the US does not need to tap into its strategic petroleum reserve at this point but is prepared to do so if necessary to stabilize prices.

“I do not think we need to. Oil has not gone up very much,” President Trump told reporters Tuesday aboard Air Force One as he traveled to California for a series of fundraisers. “There’s a lot of oil in the world.”

NYMEX WTI Crude pulled back $3.15 (-5.0%) to $59.37 bbl after Saudi Arabia said it intends on restoring normal production by end of September.

Gold futures settled $1.90 higher (+0.1%) at $1,513.40 oz

Tuesday, the major US stock market indexes finished at: DJIA +33.98 at 27110.78, NAS Comp +32.47 at 8186.05, S&P 500 +7.74 at 3005.70

Volume: Trade on the NYSE came in at 837-M/shares exchanged

  • NAS Comp +23.4% YTD
  • S&P 500 +19.9% YTD
  • Russell 2000 +17.0% YTD
  • DJIA +16.2% YTD

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Neutral with a Bullish bias and Key indicators flashing Very Bullish.

Stay tuned…


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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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