Suitably Flip

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There are two big items on the block today: an update on domestic oil inventories and the results of today's Federal Reserve meeting.

Even before either report is out, Wall Street is doing a bit of celebrating.  Oil futures have fallen to $61 per barrel, a six month low, while the Dow has popped up within striking distance of its all-time high.  Expectations are that the inventory data will show softening energy demand and that the Fed will stand pat with its month-old neutral stance toward interest rates.  Strong earnings reports in both technology and financials further fueled the jubilation.

Stay browsed for updates once the reports are released later today.  Even if the Fed does as expected and continues to pause, any change-ups in the statement's language can lead to some fun market whipsawing.

Update:  The Department of Energy's report shows distillate fuel and gasoline inventories growing, while crude oil inventories dropped modestly.  All three remain well above last year's levels.

Update: The Fed sticks at 5.25%

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Economic News Double Header

There are two big items on the block today: an update on domestic oil inventories and the results of today's Federal Reserve meeting.

Even before either report is out, Wall Street is doing a bit of celebrating.  Oil futures have fallen to $61 per barrel, a six month low, while the Dow has popped up within striking distance of its all-time high.  Expectations are that the inventory data will show softening energy demand and that the Fed will stand pat with its month-old neutral stance toward interest rates.  Strong earnings reports in both technology and financials further fueled the jubilation.

Stay browsed for updates once the reports are released later today.  Even if the Fed does as expected and continues to pause, any change-ups in the statement's language can lead to some fun market whipsawing.

Update:  The Department of Energy's report shows distillate fuel and gasoline inventories growing, while crude oil inventories dropped modestly.  All three remain well above last year's levels.

Update: The Fed sticks at 5.25%