Stock Indices Recap - 12/14/2016

December 14, 2016 9:31AM CST

March S&P finished down 15.8 at 2252, 18.5 off the high and 8 up from the low. March S&P E-Mini closed down 16 at 2251.75. This was 8.75 up from the low and 20.75 off the high.

The stock market was unable to forge a fresh new all-time high before the FOMC meeting news. We do think that the stock market was knocked off-balance by a series of US economic data points that came in weaker than expected. In fact, Industrial Production and Capacity Utilization which are broad-based measures of the economy showed fairly negative results and that clearly prompted some long profit taking. While the market exhibited significant two-sided volatility in the aftermath of the statement and rate hike, the trade seemed to be frozen by the talk that the Fed might be planning 3 rate hikes in 2017.

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