Summary: The Daily WOWS 9/17/13 Volume at the NYSE totaled a piddly 577 mln shares versus an average of 661 mln shares. The light volume reflected a wait-and-see mindset ahead of Wednesday's highly-anticipated announcement from the FOMC on whether it has decided to begin curtailing its asset purchase program. S&P 500 sits on the cusp of a new all-time high just as the Fed is presumably on the cusp of cutting back on its asset purchases. Some believe the market is only where it is because of the Fed's asset purchase program. Accordingly, a decision on Wednesday to cut back on its asset purchases will provide a good signpost in the future for determining just how well the stock market and the economy were able to handle a Fed tapering. Today, it was pretty much steady as she goes. Bolstered by the news that Microsoft (MSFT 32.93, +0.13) is raising its quarterly dividend by 22% to $0.28 per share and is replacing a prior $40 bln share repurchase program that was set to expire at the end of the month with a new one, the S&P 500 recorded its tenth gain in the last eleven sessions. Big moves today were limited to individual stocks like Apple (AAPL 455.32, +5.20), which jumped 1.2% on a bargain hunting bid and assumptions that it may soon follow Microsoft's lead in announcing an increased return of capital to shareholders. Facebook (FB 45.07, +2.56) also outperformed on little news but strong volume. Commodities were pretty much weak across the board. Per usual, the performance of oil ($105.49, -$1.10) and gold ($1310.00, -$7.80) caught most of the market's attention. Their weakness was considered by some to be a harbinger of a Fed tapering announcement since it is presumed that a tapering will help keep inflation pressures at bay.
