The three major exchanges on Wall Street are open for trading today and it looks as if this week’s gains are on pace to match its largest in almost five years. The Dow average appears to notch a GDP Error Rate 1.3%weekly increase of 5.0% while the S&P moves 3.6% higher. Bond markets, including mortgage bonds, are closed for trading today yet if this week was any indication, we could very well see yields continue to rise at the beginning of next week as equities appear to be on a roll. Especially so since the Consumer Sentiment reading released today shows a very positive consumer which should help retail stocks. Coupled with respectable wage gains for October and there appears to be a healthy holiday shopping season on the horizon.


As the economy still struggles in a few sectors overall it appears to be making progress and Federal Reserve Vice Chair Stanley Fischer indicated an interest rate hike might be coming sooner rather than later. This is a slightly different sentiment from just a couple of months ago when industry analysts were counting on the Fed Funds rate to stay where it is at least until sometime early next year. However, similar to the current this time last year when the economy seemed to be on the move and the Fed did raise rates at their December 2015 meetings, the economy subsequently stalled and there were no more rate moves by the Fed for the rest of the year. So far, anyway. There is one more FOMC meeting on schedule for 2016 and those rounds are set for December 13-14. This final FOMC session of the year will come 11 days after the November unemployment and jobs figures are released as well as hourly wages.