Stocks had a rough day today, with the Dow down 85 points and closing at 23,348. GE continues to be an anchor on the Dow, losing another 2% today, and is now down roughly 33% for the year. This has IBD questioning whether or not the oldest Dow stock could get switched out for a better performer? The Nasdaq faired a little better only losing 2 points on lighter volume, as the likes of Amazon, Apple, Facebook, and Microsoft continue to make gains.
Investors are keeping the upcoming announcement of the next Fed chairperson in their periphery. President Trump has announced, which means he’s invoked the millennial right to utilize social media, that he will announce his selection before he leaves for Asia on Friday. The selection is rumored to be down to two candidates, current Fed Reserve Govenor, Jerome Powell, and Stanford economist, John Taylor. While either choice appears to be acceptable, the markets are keeping an eye on whether John Taylor is selected as he seems to favor higher interest rates in his approach.
Mr. Bill continues to be lead carpenter at Diagon Alley, next door. He has now reached fame and notoriety in this Geekwire article that was released yesterday. We will also be posting this article on our new Greystone Facebook page, tomorrow. Come check out our page and follow us on Facebook, we’ll have plenty of market insights as well as other fun articles, and events!