Showing posts with label 1968. Show all posts
Showing posts with label 1968. Show all posts

Wednesday, May 2, 2018

Federal Reserve FOMC Meeting EPIC FAIL; Stocks Battered

The Federal Reserve - yes, those people who made what in 1968 was a hamburger and french fries for about $1.50, today $7.95 on average - snuck in another FOMC rate policy meeting, doing nothing, but suggesting that there will be absolutely three and probably four rate hikes this year.

Market reaction: Initial happiness, followed by a shocking reality. "We're screwed!" was the soundbite of the day from those well-tailored gentlemen and women who trade stocks with your money for a living.

Since - like the eTrade advertisements say - your stockbroker's new car isn't going to pay for itself, the buyers and holders of stocks have once again been taken to the proverbial cleaners.

As we can clearly see from the Money Daily handy Dow scoreboard, "sell in May" is already in play.

Dow Jones Industrial Average May Scorecard:

Date Close Gain/Loss Cum. G/L
5/1/18 24,099.05 -64.10 -64.10
5/2/18 23,924.98 -174.07 -238.17

At the Close, Wednesday, May 2, 2018:
Dow Jones Industrial Average: 23,924.98, -174.07 (-0.72%)
NASDAQ: 7,100.90, -29.81 (-0.42%)
S&P 500: 2,635.67, -19.13 (-0.72%)
NYSE Composite: 12,418.06, -74.96 (-0.60%)