The Closing Look

Stocks opened higher on Wednesday but turned lower after the Fed meeting and press conference. The Fed held rates steady and turned more “dovish” as they reduced the likelihood of more rate hikes in the future. Economic data was mixed. The producer price index (PPI) rose by 0.4% in May, beating estimates for 0.3%. Industrial production fell to -0.4%, missing estimates for -0.1%. The June Empire State Manufacturing Survey rose to 6.0, beating estimates for -3.5%.

Gary’s Thoughts: Yellen the bubble robot explains how economy was fine and we are near full employment but lo and behold, blah blah blah and we cannot even raise rates 1/4 point. We could have a lot more to say but will hold our tongue. Makret did not thrill by the close. Steep sell-off in last half hour.