RE: US of A...2 May 2024 05:06
"Markets going thru the roof. Fed not raising rates 🚀"
The markets soon came off the boil after Powell's comments and surrendered the gains as quickly as they made them.
DOW was up 516 pts +1.37%, closed up 92 pts, +0.24%
S&P 500 was up 58 pts +1.16%, closed down -18 pts, -0.36%
NASDAQ was up 260 pts +1.66%, closed down -55 pts, -0.35%
"The Dow Jones Industrial Average closed higher on Wednesday after Federal Reserve Chair Jerome Powell largely ruled out that the central bank’s next move could be a hike, easing investor worries that it was losing control of sticky inflation. The broader market finished lower, however, with losses from chipmakers dragging down the S&P 500.
The Dow
added 87.37 points, or 0.23%, to close at 37,903.29. The S&P 500 lost 0.34% to close at 5,018.39, while the Nasdaq Composite
slid 0.33% to settle at 15,605.48.
It was a volatile day for the major averages, with the 30-stock Dow rallying more than 530 points at its session high, spurred by Powell’s comments. At one point, the S&P 500 was up 1.2%, while the Nasdaq climbed more than 1.7%.
The central bank opted to hold rates steady, citing a “lack of further progress” in bringing inflation back down toward its 2% goal. However, Powell ruled out the likelihood of a hike in a press conference following the decision.
“I think it’s unlikely that the next policy rate move will be a hike,” he said. “I’d say it’s unlikely.” "
https://www.cnbc.com/2024/04/30/stock-market-today-live-updates.html
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