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2 May 2017

When Issued

Post by MoneyRadio Staff

…..Nasdaq record. Markets squirrely ahead of FOMC policy meeting. Apple earnings mildly disappointing. Plus, other earnings news. Home Prices up in March. US vehicle sales down. Airline execs go to Washington for public flogging. Banks subpoenaed for Treasury market manipulation. Financial Review by Sinclair Noe for 05-02-2017   DOW + 36 = 20,949 SPX + 2 = 2391 NAS + 3 = 6095 (record) RUT – 8 = 1399 10 Y – .03 = 2.29% OIL – .76 = 48.08 GOLD + .80 = 1257.90 Markets have been a bit squirrely of late. Stocks and bonds have been rising in tandem. Oil is lower, even as the dollar has been weaker since the start of the year. And the Vix, the volatility index has been hugging the 10 range, which represents a state of somnambulance. Typically, assets considered risky like stocks shouldn’t climb at the same time as havens like Treasuries are being bid higher. But that is exactly what has happened in recent trade.   And this is happening as the Fed is in the process of raising rates.   The Federal Reserve’s  policy-making committee holds a meeting today and tomorrow. While trading on Fed funds futures contracts implies less than 5% probability of a rate hike tomorrow, the language in the FOMC statement could be crucial for investors in assessing the June meeting. The tweaking of words by the Fed will hold even more weight since Fed Chair Janet Yellen is not scheduled to hold a press conference following the two-day …

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