The S&P made new record highs today after the Fed cut rates for the 3rd time this year.
Stocks were lower in early trading. But today was really all about the Fed. And stocks were sideways after the early drop until the Fed Statement at 2pm ET.
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At 2pm ET the Fed announced quarter-point rate cut and said they won’t raise rates again this year (there is a final meeting in December).
And during the Fed Press Conference at 2:30pm, Fed Chair Jerome Powell said that he would need to see a “signficant” rise in inflation before raising rates again.
After swings in both directions, stocks rallied and finished the day near session highs.
With today’s rally, the S&P ended the day with new record highs. And the NASDAQ is now just 0.4% away from its record.
Here’s where the major indices ended the day:
- The S&P finished with a 0.3% gain. Up 10 points, the S&P ended at 3,047.
- The DOW ended higher by 0.4%. Adding 115 points, the DOW closed at 27,187.
- The NASDAQ was up 0.3%. With a 27 point gain, the NASDAQ finished at 8,304.
Crude Oil (CL) finished lower for the 2nd day in a row. Down 0.8%, CL ended at $55.08 a barrel.
Today General Electric (GE) was up nicely on an earnings beat. The stock finished higher with an 11.5% gain. And Mattel (MAT) was up 13.7% on better than expected numbers as well.
But there were also some disappointing reports.
Yum Brands (YUM) lost 5.8% after disappointing investors. And McKesson Corporation (MCK) dropped 8.4% on an earnings miss.
In after-hours trading, Apple (AAPL) is higher by 2.0% after reporting strong earnings. And Facebook (FB) is up over 5% in after-hours trading after earnings and revenue beat estimates.
Tomorrow Facebook and Apple will get a lot of attention. There are also 245 other companies reporting earnings. Including U.S. Steel (X), Celgene (CELG) and Sirius XM Radio (SIRI).
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link