Today traders were focused on the Fed.
But there was a lot of activity overnight after a big democratic upset in Alabama. Scandal-ridden Roy Moore lost to Doug Jones for Senate, bringing the split in the Senate to 51 Republicans and 49 Democrats.
The major indices initially dropped on the news, with traders concerned that a Republican loss could be a problem for Republicans and President Trump’s agenda. But markets bounced back and were trading higher at the open.
In the afternoon, traders were focused on the FOMC Statement and Press Conference. And as expected, the Fed raised rates by a quarter of a point. But with a quarter-point rate hike already priced into the markets, the rate hike was pretty much a non-event.
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Here’s where the major indices ended the day:
- The S&P finished 0.1% lower. Down just over a point, the S&P ended at 2,663.
- The DOW ended with a 0.3% gain. Adding 81 points, the DOW closed at 24,585.
- The NASDAQ was up 0.2%. With a 13 point gain, the NASDAQ finished at 6,876.
Although stocks were choppy and sideways after today’s statement, Gold and Bonds were on the move
Gold (GC) erased 3 days of losses with a 1.3% gain, with half of this move coming after the rate hike decision. And the 20-year T-Bond ETF (TLT) was up 0.8%.
Crude Oil (CL) mimicked yesterday’s session with a higher open and immediate reveral. The drop continued after today’s Crude Oil Inventories showed a 5.1 million barrel decrease vs. a 3.6 million barrel decrease expected. Down 1.0%, CL finished the day at $56.58 a barrel.
In stock news, Target (TGT) acquired private delivery service Shipt in efforts to compete against Amazon with same day delivery. And Apple (AAPL) invested $390 million inlaser chipmaker Finisar (FNSR), which soared almost 23% today.
Looking at the economic calendar we have Unemployment Claims and Retail Sales Data at 8:30am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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