Thursday’s outlook was for a sideways, choppy market which is what we saw throughout the day as investors moved to the sidelines awaiting Fed Chair Janet Yellen’s speech on Friday from Jackson Hole, Wyoming. While the odds of there being no change in interest rate outweighs those who think there will be a rate increase by about 8 to 1, investors still remain nervous ahead of her speech. Meanwhile many banking stocks inched their way forward on Thursday as rising interest rates benefits the balance sheets of banks. One bank stock that did not rise was Wells Fargo Stock which I sold put positions against on Thursday. However Morgan Stanley stock and BB&T Stock both rose slightly on Thursday.
S&P Index Close
The S&P index ended the day with a very slight drop, down 2.97 points to close at 2172.47.
Dow Jones Index Close
The Dow Jones lost 33.07 points to close at 18,448.41.
NASDAQ Index Close
The NASDAQ fell only 5.49 points to close at 5,212.20.
Stock Market Outlook for Tomorrow – August 26 2016
By and large the technical indicators will not impact the trading on Friday and as such they are not shown. Friday will be about the speech from Fed Chair Janet Yellen. If there are strong hints that interest rates will rise in September in her speech, the market will move lower. On the other hand, any discussion that touches on staying with the status quo for now, should push stocks back to the 2180 level and then 2185.
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