Stocks go nowhere – Again
|Well that was boring.
All eyes were on the Fed and their decision on interest rates this week.
But after cutting rates a quarter point yesterday (as expected) stocks have gone nowhere.
The major indices were lower in overnight trading. But stocks rallied into the open and kicked the day off with gains.
Stocks continued their rally throughout the morning. Then after making highs around lunch, a slow steady pullback erased most of the day’s gains.
The S&P came within 6 points of its record high today before finishing right at yesterday’s close. And at one point, the DOW was up 100 points before pulling back.
After four full days of trading and a Fed decision, the S&P has really gone nowhere. The index is down less than a point since its close on Friday.
Here’s where the major indices ended the day:
- The S&P finished flat for the 2nd day in a row.
- The DOW ended lower by 0.2%. Dropping 52 points, the DOW closed at 27,095.
- The NASDAQ was up 0.1%. With a 5 point gain, the NASDAQ finished at 8,183.
Crude Oil (CL) was higher today, after back-to-back losing sessions. With a 1.1% gain, CL ended at $58.53 a barrel.
And Microsoft (MSFT) rallied to a new record after announcing a $40 billion stock buyback plan and an increased dividend. With a 1.8% gain Microsoft is worth close to $1.1 trillion, the largest company in the U.S.
U.S. Steel (X) lost 11.2% after an earnings miss. The company issued a profit warning because of weakening European conditions.
And in IPO news, Airbnb announced that it is going public next year.
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