The major US stock indices are closing the day up, but it seems like a down day.
The prices moved higher in pre-market trading with the Dow up about 800-900 points (implied by futures), on the back of the CPI data. However, the prices at the open were lower and the market continued to chip away at the gains through the day.
- The Dow moved up 707.24 points at the high but closed up 103.61 points up 0.30% at 34108. The low for the day reached -114.16 points.
- The S&P moved up 110.39 points at the high, but closed up 39.07 points up 0.73% at 4019.64. The low for the day came in at up 2.46 points.
- The Nasdaq traded as high as up 427.90 points but closed up 113.09 points or 1.01% at 11256.82. The low for the day came in at 16.80 points.
So overall, it was a bit disappointing especially for the early buyers who thought it was smooth sailing to the upside. Now the market will need to deal with the Fed and a like 50 bp hike tomorrow.
Happy days are not here again.
