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Today's Commentary
Saturday, January 21, 2017

The Dow Jones Industrial Average (DJIA) fell to its intraday low out of the gate amid muted earnings reactions for several bank stocks. And while the Dow managed to pare these losses as the trading day wore on, it still closed down for a fourth straight session. In focus was the Federal Reserve, with Fed Chair Janet Yellen noting that the U.S. economy is nearing the growth goals set by the central bank -- following this morning's impressive inflation data. Echoing this was the Fed's Beige Book, which showed "pricing pressures intensified somewhat" near the end of 2016. Not all of the day's price action was to the downside, though, with the S&P 500 Index (SPX) and Nasdaq Composite (COMP) settling in positive territory.


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