Late chip rally lifts stocks after Fed holds rates steady
Wed May 7, 2025 7:12 PM
It certainly was a seesaw day all day on all indexes with the S&P and Nasdaq rising and falling between black and red while the Dow went from a high of about +440 ranging to a low of break-even before rallying again at 2 pm to close up 284. Something happened to cause the crash that happened about 1 pm which cost the Dow all of its gains for the day. Even though the Fed had held rates steady which was widely expected, Powell made the announcement the White House actions were the reason the economic outlook was cloudy, again hardly a state secret.
The earlier rally was due to increased optimism over China-U.S. trade talks. But at 2 pm, the announcement was made that there would be an easing in AI tariffs and that sent the indexes soaring again, leaving everyone to close in the black and with the Dow another handsome 3-digit gain. At 15.43 billion, volume remains well below the 17.55 average.
DJ: 40,829.00 -389.83 NAS: 17,689.66
-154.58 S&P: 5,606.90
-43.48 5/6
DJ: 41,113.97 +284.97 NAS: 17,738.16 +48.50 S&P: 5,631.28 +24.37 5/7
Wed 5-7-25 7:12 pm Late chip rally lifts stocks after Fed holds rates steady | Reuters
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