Stocks had a great day today.
Traders turned their attention towards the Fed, with Fed Chair Powell saying that rates are “just below” neutral during a speech. He also said that the Fed will focus on data for its policy decisions…Trader Interpretation = the Fed isn’t stuck on raising rate 3 times next year!
Last month Powell made it sound like we were “a long way from neutral”, so the idea that interest rate hikes might slow down was the perfect excuse for buyers to step in.
After a slightly higher open, stocks pulled back late morning. But then it was off to the races during Powell’s comments, with the S&P rallying 1.3% from 11am to 1pm ET. Then another push into the close gave the major indices a boost to finish the session at session highs.
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Here’s where the major indices ended the day:
- The S&P finished with a 2.3% gain. Up 62 points, the S&P ended at 2,744.
- The DOW ended higher by 2.5%. Adding 618 points, the DOW closed at 25,366.
- The NASDAQ was up 3.0%. Higher by 209 points, the NASDAQ finished at 7,292.
- Bitcoin finished higher by 11.6%. Up $435, Bitcoin ended at $4,200.
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Crude Oil (CL) finished lower after rallying past the $52 level. CL lost 2.6% and closed at $50.20 a barrel. Today’s Crude Oil Inventories showed a 3.6 million barrel increase in U.S. stockpiles (vs. a 0.6 million barrel forecast). This was the 10th consecutive week of rising stockpiles.
Tech had a great day. Some FAANG stocks stood out, like Apple (AAPL) up 3.9%, Amazon (AMZN) up 6.1% and Netflix (NFLX) higher by 6.0%
In earnings news, Salesforce (CRM) and Burlington Stores (BURL) were up 10.3% and 12.8% after better than expected numbers. But Tiffany (TIF) wasn’t so lucky, dropping 11..8% after missing revenue expectations.
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Source: RockwellTrading by Markus Heitkoetter | Original Link