This week has seen extremely low volume on the NYSE allowing stocks to drift higher ahead of the conclusion of the 2 day FED meeting. Investors will most likely be disappointed from what comes out of the FOMC with likely no QE3 being announced. An extension of Operation Twist is already baked into the markets, so no action will leave the markets to turn back over.
Jamie Dimon of JPMorgan (JPM) testified again today on Capital Hill. The hearings more or less reminded D&D of the Steroid Trials… i.e. a complete waste of time. The Congressmen and woman would have been better off having Paul Krugman take questions, as the questions really had nothing to do with the $2 billion in trading losses suffered by JPMorgan.
Microsoft (MSFT) released the design of their WIndows tablet, shares rose today. How Microsoft exactly plans to compete with Apple (AAPL) is yet to be seen. The PC tablet is the first commercial PC that the company has designed and sold. So far all other players that have tried to compete with the iPad have ultimately failed, and Microsoft will be hoping that this tablet will take off like the Xbox did.
The DOW (INDU) rose 95.51 points, the Nasdaq (COMP) rose 34.43 points, and the S&P 500 (SPX) rose 13.20 points.
Oil gained 75 cents to close at $84.03 a barrel.
Gold fell $3.90 to close at $1,623.10 an ounce.
The 10-Year Note fell today pushing yields up to 1.61%. Some investors have started calling for a yield of 1.2% by year end. If we see more QE this is very possible.
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