MARKET WRAP

24 June 2009 by Cullen Roche 1 Comment

Stocks finished mostly higher today on mixed signals out of the Fed. The S&P 500 started higher out of the gate as durable goods came in better than expected and a worse than expected new homes sales report did little to phase stocks. The FOMC statement came as a bit of a surprise to equity traders. Many who were looking for some sort of wording on a potential exit strategy were disheartened to learn of the Fed’s intention to leave rates low for “an extended period”.

The S&P tacked on 0.65% with the Nasdaq and Oracle’s strong earnings leading the way. The dollar rallied sharply on the day while the Euro and Yen lost ground. Copper prices added 3%, oil prices lost 1%, the vix lost 5%, gold added close to 1% and long bonds lost about 1%. Volume was again light and conviction in stocks was mild at best.

Cullen Roche

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