Stocks close higher after Fed cuts interest rates
Thu November 7, 2024 4:27 PM
After yesterday’s enormous rally as investors expected benefits from a second Trump administration, the Dow ranging back and forth several times between a -90 and a +90 but closing flat, while the tech indexes shot up once again, this time because of a new ¼ point rate cut announced today by the Fed. Relatively stable employment numbers showed the economy was remaining quite resilient.
This boosted the case for more rate cuts and Fed statements will
be watched closely for the timing of such cuts as the economy continues edging
closer to the 2% inflation target. Trump’s proposed tariffs are widely expected
to increase inflation so that too will be closely watched. Volume was again way
above the 12.46 billion average, coming in today at 16.78, suggesting that at
least for the Dow that for everyone trying to get in on the rally, there was
one other taking profits.
DJ: 43,729.93 +1,508.05 NAS: 18,983.47
+544.29 S&P: 5,929.04
+146.28 11/6
DJ: 43,729.34 -0.59 NAS: 19,269.46
+285.99 S&P: 5,973.10
+44.06 11/7
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