The Closing Look

Stocks were quiet on Wednesday after the Fed released its beige book and Apple launched new products. The Fed’s beige book showed modest growth across most of the country which was largely expected and barely moved the needle. Separately, Apple announced several new products, including a new iPhone 7, which is water resistant and will be the same price as the iPhone 6. Under the surface, the action remains healthy as the Nasdaq 100 hit a fresh record high and the transportation stocks also had a nice day.

Gary’s Thoughts: Almost too quiet. The nuts at the ECB will yap in the morning. They have been certifiable with their money printing, buying up of markets and negative rates. They can never roll it back so they had better be careful with their words and moves going forward.