Week Off to a Good Start, With Move in Dow
However, Says Syndicated Host Dan Celia, Slow and Gentle Upward Movement with Some Sideways Trading Would Have Been Healthier
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia talked with his listeners and viewers yesterday and today about the upward movement of the Dow, NASDAQ and S&P and what these upticks will mean for investing, inflation and interest rates.
“I’m encouraged to see the week get off to a very good start,” Celia said, “as we saw the Dow up over 1½ percent, about 400 points, and that’s a pretty significant move, needless to say. And we also saw the NASDAQ and S&P up about 1¼ percent. A few weeks ago, when we saw lows come into the markets for the year, I was hoping they would stay there for an extended period of time. My hope was that we would see a little more correction, so to speak, and up movement that was very slow and gentle with some sideways trading. That would have been far healthier for the markets and healthier for the economy.
“That didn’t happen,” Celia continued. “Now there’s a possibility that as we near the year’s highs, we could stabilize. One thing is for certain—over the past few weeks we have seen a gradual decrease in volatility. It seems that volume has somewhat normalized as well, and that’s good news. But I suspect that things will begin to slow down, and as we see Jerome Powell, the new Fed chairman, giving testimony both Tuesday and Thursday, a lot of traders are wondering what his position will be and what he will say about inflation, and of course, more importantly, what he will say about the pace of interest rate hikes.”
Celia leads Financial Issues Stewardship Ministries (FISM, www.financialissues.org). His program, “Financial Issues,” airs from 9 a.m. to noon EST Monday through Friday on about 640 radio stations and several television networks, including NRBTV. Watch live here.
Read more about Celia, FISM and “Financial Issues” here or visit the FISM web site, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.