The Dow closed up 92 points to 21,328 on lighter trading volume. The latest IBD reading shows that markets are under pressure.
The Federal Reserve begins a two day meeting to discuss the economy and interest rates. Market gurus are of the general opinion that Janet Yellen will announce a rate hike tomorrow. Recent economic data shows May producer prices were unchanged indicating that inflation remains tame. Overall prices were unchanged thanks to a 3% drop in energy costs and a 0.2% drop in fruit, vegetable and egg prices. Core inflation, which takes out the volatile food and energy segments is up 2.1% over the past 12 months.
Verizon completed its buyout of the internet assets of Yahoo for about $4.48 Billion smackers. The assets will be part of a Verizon division called “Oath” and the grizzled remains of Yahoo will be called “Altada”. Verizon is looking to bolster its online and mobile content as it competes with Google and Facebook.
The Scout trip to Peek-a-boo Lake was filled with action. Instead of 13 scouts we had 18 who showed up. Once on the trail we hit snow at 3,500 feet and lost the trail completely at 3,700 feet under thigh deep snow. The lake was ringed with snow so we found an exposed ridge above the lake to camp on. The scouts played in the snow, built camp fires and cooked meals. They seemed proud of being able to do well under tough conditions. Only one kid played the role of “Eddie Haskell” and he got a headlock for his efforts. We encountered one ruffed grouse.