Led by a 4.2% rise in the price of oil the markets finished with modest gains today. The cost of oil jumped $1.18 to close at $29.53. Oil continued to hold near lows not seen since 2003. Weekly oil inventories showed a build in crude oil stocks and U.S. gasoline stocks.
“The Dow could fall 5,000 points and still not be cheap!”
The Federal Open Market Committee is scheduled to meet next Tuesday and Wednesday, and there are questions as to whether the Fed is going to stop talking about raising interest rates, considering the current down state of the markets. U.S. Federal Reserve Chair Janet Yellen will testify on monetary policy and the economy before the Senate Banking Committee on Feb. 11th and before the House Financial Services Committee on Feb. 10 for the U.S. central bank’s semi-annual monetary policy report.
For the US economy, bad economic news is actually bad news for the economy- according to CNBC. Watch below.
Here are the final numbers from Thursday, 1/21/16 on Wall Street.
Dow Jones Industrial Average: 15,882.48 (+115.74/ +0.73%)
NASDAQ: 4,472.06 (+.37/ +0.01%)
S&P 500: 1,868.99 (+9.66 / +0.52%)