[Chart courtesy of MarketWatch.com] Moving the markets Yesterday’s “feel good” closing ramp carried over into today’s opening, as the major indexes were getting close to test new record highs. Better-than-expected housing and manufacturing data contribute to the bullish sentiment. While the S&P 500 is within 1% of its record closing high, it may not get there until next week due …
Fed Delivers Rate Cut—Stocks Fall—But Jump Into The Close
[Chart courtesy of MarketWatch.com] Moving the markets As expected, the Fed delivered the goods and cut rates by 0.25%; but stocks sold off. The reason was that the accompanying language in its statement and economic projections cast doubt not only on another rate cut this year but also in 2020. That was a disappointment for traders, who had firmly believed …
Markets Hold Steady Ahead Of The Fed’s Verdict On Interest Rates
[Chart courtesy of MarketWatch.com] Moving the markets It was a matter of treading water for most of the day, with the major indexes limping around their respective unchanged lines, until a last-minute pump pushed the indices up and into a green close. Mid-day attempts to get a rally going fell short, as weakness in the energy sector, due to reports …
Saudi Oil Attack Pulls The Rug Out From Further Market Advances
[Chart courtesy of MarketWatch.com] Moving the markets It came as no surprise that market sentiment took one on the chin, after Saturday’s drone attack on Saudi oil processing plants, which took about 5% of worldwide production offline. While the major indexes retreated, it was a modest haircut considering the recent advances. Oil prices spiked about 13%, down from an earlier …
Rally Expands—Then Runs Out Of Steam
[Chart courtesy of MarketWatch.com] Moving the markets An early rally ended up running out of steam and might have even produced a red close, but fortunately, we ran out of trading time. The initial boost came from Europe, as the European Central Bank (ECB) followed through on hopes that they’d dig into their toolbox and cut the deposit rate further …
S&P 500 Reclaims Its 3,000-Milestone Marker
[Chart courtesy of MarketWatch.com] Moving the markets After a slow start, upward momentum picked up, and after a brief dip late in the session, the major indexes surged into the close led by the Nasdaq. The S&P 500 managed to barely reclaim its 3k marker, which it had surrendered at the beginning of August, while the Dow notched its 6th …