The Closing Look

Stocks opened higher on Tuesday but drifted lower as the Fed and the Bank of Japan began their latest meetings on interest rates. Before the open, The Commerce Department said residential housing starts slid -5.8% to a 1.14 million annualized rate,missing estimates for 1.190 million. It also missed last month’s revised 1.21 million rate. The report also showed that Permits, which is a gauge for future construction, unexpectedly fell on fewer applications for apartment projects. Elsewhere, Wells Fargo’s CEO (WFC), John Stumpf, apologized, said he takes full responsibility for the fraud and first heard of the unethical sales practices back in 2013.

Gary’s Thoughts: Tommorow…the Fed keeps rates the same. It will be a major surprise if they hike.