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Big Volatility on Fed Day

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Today's financial recap and tomorrow's financial outlook.

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The S&P 500 (INDEXSP:.INX) finished the day almost perfectly flat after some serious volatility.

After starting the day in a mild slump, stocks rallied after the release of the FOMC minutes from the last Fed meeting, but they quickly retreated.

While there wasn't anything particularly Earth-shattering in the Fed's report, market participants remain torn about the timing of the long-awaited tapering of the Fed's increasingly controversial QE activities, and there was no additional clarity given today. As a result, the market experienced a continuation of its wholesale confusion, and stocks and US Treasuries both sold off in reaction to the report.

In economics, wholesale trade came in lower than expected at -0.5% versus the 0.3% consensus.

Crude inventories fell by 9.9 million barrels, sending oil prices up 2.5% to $106.15. Gold finished the day up 0.2% after wild swings throughout the day.

The Bank of Japan did not announce any major changes to its monetary policy last night. The Nikkei 225 (INDEXNIKKEI:NI225) finished the day down 0.39%. Europe finished flat across the board.

Tomorrow's Financial Outlook

Publicly traded retailers will release their same-store-sales numbers throughout the day tomorrow.

Initial jobless claims will be released at 8:30 a.m. EDT tomorrow morning. The consensus is to see initial claims of 337K.

US import and export prices will be released at 8:30 a.m. EDT. Export prices are expected to see growth of -0.1%. Import price are expected to come in at 0.1%. The Bloomberg consumer comfort index will be released at 9:45 a.m. EDT tomorrow. The US Treasury budget will be released at 2:00 p.m. EDT tomorrow afternoon.

Bank of The Ozarks Inc (NASDAQ:OZRK), Ceres Inc (NASDAQ:CERE), Commerce Bancshares, Inc. (NASDAQ:CBSH), Grupo Televisa SAB (NYSE:TV), The Progressive Corporation (NYSE:PGR) and Washington Federal Inc. (NASDAQ:WAFD) will be reporting earnings tomorrow.

Twitter: @Minyanville

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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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