Market Update for 29th Aug 2016 – Interesting…

By Markus Heitkoetter

Today stocks opened the session higher and never looked back!

Rallying throughout the morning, the major indices made session highs during lunch. Then after making session highs, stocks traded sideways the remainder of the day.

Markets had better than expected data from Personal Income and PCE Price Index reports to digest.

But the data wasn’t “good enough” to stir up September rate hike concerns. In fact, the probability of a September rate hike has now dropped to 21%, down from 33% on Friday.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.5% gain. Up 11 points, the S&P ended at 2,180.
  • The DOW ended 0.6% higher. Adding 108 points, the DOW closed at 18,503.
  • The NASDAQ was up 0.3%. With a 13 point gain, the NASDAQ finished at 5232.

Today’s gains snapped a 3-day drop in the S&P and DOW.Crude Oil (CL) continued its slide from last week. With a 1.4% loss, CL finished at $46.96 a barrel.

Tomorrow’s economic calendar features Consumer Confidence at 10:00am ET.

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