Today it was all about the Fed.
In the morning stocks were half asleep, which is typical for a Fed day.
But things picked around 11:30am ET, with the major indices rallying ahead of up the announcement.
Then at 2:00pm the Fed raised rates a quarter point as expected. The benchmark funds rate now has 1.5% to 1.75%.
The major indices rallied as traders digested the comments from Fed Chair Powell. But 50 minutes later, stocks had given up early gains and were sitting at session lows.
There was another push higher around 3:15pm ET, but the rally was short-lived. The major indices turned south again and finished the day in the red.
The indices closed red across the board, but barely.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.2% loss. Down 5 points, the S&P ended at 2,712.
- The DOW ended 0.2% lower. Losing 45, the DOW closed at 24,682.
- The NASDAQ was down 0.3% With a 19 point loss, the NASDAQ finished at 7,345.
- Bitcoin ended 6.5% higher. Adding $551, Bitcoin is trading at $8,978.
Crude Oil (CL) finished higher for the 2nd day in a row. Up 2.6%, CL ended at $65.21 a barrel.
Google (GOOGL) joined cryptoland by announcing that they are making their own blockchain technology. Google ended the day with a 0.2% loss.
General Mills (GIS) was hammered with an 8.9% loss, warning about rising costs and cutting their outlook. The news doesn’t help Kraft-Heinz (KHC), Mondelez (MDLZ) and the other Consumer Goods companies who were already under pressure.
Micron (MU) and Nike (NKE) report tomorrow.
Looking at the economic calendar we have Unemployment Claims at 8:30am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link