Friends

The markets were a bit roiled overnight after the Fed Chair announced that he was under investigation by the Justice Department. Mr. Powell once again insisted that he isn’t going anywhere until his term is up this Spring. I will only say that the independence of the Fed is very important and leave it at that. As I mentioned, the markets didn’t like it at first, but as the trading session wore on, stocks moved into positive territory. Credit card issuers struggled when the President called for a 10% cap on credit card interest rates. That one came as a little bit of a surprise.

Anyway, by the close the Dow Jones Industrial Average was up 86 points to finish the day at 49,590. The S&P 500 was up 11 points to close at 6,977. The Nasdaq Composite Index was up 62 points to close at 23,733. Gold was up $102 to trade at $4,602 per ounce, while oil was up $.38 to trade at $59.50 per barrel WTI.

Earnings season kicks off tomorrow with reports from some of the biggest banks in the country. Despite a constant barrage of headlines, the markets and the economy continue to plug along. Affordability will be the narrative come the mid-term elections but for now the data suggests that things are good. Let’s see if Corporate America confirms that in the coming weeks. Stay tuned.

Have a nice evening everyone.