|Day's range||7,930.38 - 7,998.59|
|52-week range||6,190.17 - 8,176.08|
U.S. stocks climbed Thursday, extending gains after Federal Reserve officials signaled they would be willing to ease monetary policy to help prop up the economy.
The S&P 500 at 2926.46 on Wednesday—just 0.7% from its record close of 2945.83 set April 30. With S&P 500 futures up 0.9% Thursday, its possible that the index opens at a record high.
WASHINGTON (MarketWatch) - The U.S. current-account deficit, a measures of the nation's debt to other countries, fell 9.4% in the first quarter mostly because of a smaller deficit in goods. The current-account deficit shrank to $130.4 billion from a revised $143.9 billion in the fourth quarter. The deficit in goods declined to $216.5 billion from $232.3 billion, reflecting ongoing trade wars and slower global growth. The current account reveals if a country is a net lender or debtor. The current account deficit was equal to 2.5% of GDP in the first quarter, down from a six-year high of 2.8% at the end of 2018. It's still well below a peak of 6.3% in 2005, however.
Our call of the day, from Tracie McMillion, head of global asset allocation strategy for Wells Fargo Investment Institute, isn’t expecting the S&P 500 has much more to give this year. She’s urging her clients to pare back if they start shooting higher.
Yesterday’s post-Fed rally was muted, but not so Thursday morning. Stocks are rallying, and so are U.S. Treasuries.
The Federal Reserve has fallen into line with the market consensus in signaling its readiness to lower interest rates—even though the Fed is meeting its two objectives of a strong jobs market and inflation near its target.
Insiders at tech companies are telling us our worries about the market are overblown. Over the past few weeks, insiders at more than a dozen tech firms have purchased significant amounts of their company stock. Buying has been especially pronounced at chip companies, which are particularly sensitive to China trade war saber-rattling and changes in growth prospects.
The Fed left interest rates unchanged at its monetary policy meeting. The U.S. central bank did, however, drop the word "patient " from its statement and said it would "act as appropriate" to sustain the economy.
Investors need to be cautious because the economy will get hurt the longer the trade war drags on, Jim Cramer says.
The Federal Reserve left interest rates unchanged, but also hinted it could cut rates in the future. All three major indexes closed in the black.
U.S. stocks close higher Wednesday after the Federal Reserve kept interest rates unchanged as expected but dropped the word “patient” in its statement, suggesting rates could be cut soon if needed
U.S. stocks ended modestly higher Wednesday after the Federal Reserve left their benchmark interest rate unchanged at a range between 2.25% and 2.50%, but opened the door to rate cuts later this year. The S&P 500 was up 0.3% to end around 2,926. The Dow Jones Industrial Average advanced 29 points, or 0.1%, to finish near 26,504, based on preliminary numbers. The Nasdaq Composite was up 0.4% to finish around 7,987. The U.S. central bank took out the phrase "patience" from its policy statement, and said it stood ready to act appropriately if risks to the economic outlook reared their head. The Fed's interest-rate projections also showed close to half the members of the central bank's policy-making group anticipated two rate cuts this year. The 10-year Treasury note yield fell to 2.02%, its lowest since Nov. 8 2016. In company news, shares of CBS Corp. were up 1% after news reports said the media giant was readying an offer to buy Viacom Inc.
The Federal Reserve chose to leave interest rates unchanged at the conclusion of its two-day meeting, a widely expected outcome that nevertheless left the door open for a rate cut if the economy weakens.
Barring a major change in the economic outlook, the Federal Reserve will soon begin lowering interest rates. While rates were left unchanged for now, most Fed officials indicated the central bank will cut them before the end of the year.
U.S. stocks rose Wednesday afternoon after the Federal Reserve appeared to deliver a dovish update to its policy message. The central bank said it acknowledges that "uncertainties" have increased in the economy and opted to remove the word "patient" from its updated statement, even as it left benchmark rates at a range between 2.25%-2.50%. The vote was 9-1 to keep rates steady but the dot plot, a projection of estimates for future rate cuts by Fed members signals that a rate cut could be in the offing. The Dow Jones Industrial Average gained 60 points, or 0.2%, at 26,518, the S&P 500 index climbed 0.2% to 2,924, while the Nasdaq Composite Index rose 0.2% to 7,967. The 10-year Treasury note , meanwhile, was at 2.05%, falling from 2.09% earlier in the day. Fed Chairman Jerome Powell will hold a news conference to discuss the policy moves at 2:30 p.m. Eastern Time. The Fed remained generally optimistic about the economy, but the Fed acknowledged that inflation pressures have receded. The rate-setting Federal Open Market Committee cut its forecast for PCE inflation in 2019 to 1.5% from 1.8%, well below its 2% target. It left its GDP estimate at 2.1%. The FOMC's dot plot predicts one rate cut next year that drops the fed funds to 2.1%, with one increase in 2021 bringing it back up to the current 2.4% level. In another move, the Fed lowered its "longer run" forecast for its fed funds rate to a new low of 2.5% from 2.8%.
WASHINGTON (MarketWatch) - The Federal Reserve on Wednesday left its short-term fed funds rate unchanged and said it "will closely monitor" the economy in light of growing "uncertainties." The so-called dot-plot projections signaled the Fed is unlikely to cut before 2020, though members were sharply divided. Nine senior Fed officials predicted no rate cuts this year while eight forecast one or two reductions. The vote to hold rates steady was 9-1, with St. Louis Fed President James Bullard dissenting in favor of a quarter-point rate cut. The central bank remained generally optimistic about the economy, but the Fed acknowledged "uncertainties" have increased and that inflation pressures have receded. The FOMC cut its forecast for PCE inflation in 2019 to 1.5% from 1.8%, well below its 2% target. It left its GDP estimate at 2.1%. The FOMC's dot plot predicts one rate cut next year that drops the fed funds to 2.1%, with one increase in 2021 bringing it back up to the current 2.4% level. In another move, the Fed lowered its "longer run" forecast for its fed funds rate to a new low of 2.5% from 2.8%.
Facebook finally revealed the details of its Libra, its highly anticipated entry into the crowded cryptocurrency space. One strategist sees it as something more menacing.
Investing.com - Wall Street applauded -- but only politely -- for the Federal Reserve's vow Wednesday to move rates lower if economic uncertainties persist.
A gauge of global stock markets gained modestly on Wednesday to reach six-week highs and benchmark government bond yields rose from multiyear lows as investors awaited a decision on monetary policy from the U.S. Federal Reserve later in the session. Investor hopes that the Fed would soon cut interest rates were fed on Tuesday when European Central Bank President Mario Draghi hinted at economic stimulus, comments that drove up stocks and weakened yields. The Fed is due to give its policy statement at 2 p.m. EDT (1800 GMT) followed by a news conference from Chairman Jerome Powell, and "there's not a lot of incentive for traders to be really directionally betting" ahead of time, said Mark Hackett, chief of investment research at Nationwide.
Apple has asked suppliers to evaluate moving a substantial portion of their production outside of China, Nikkei reported.
U.S. Trade Representative Robert Lighthizer said Wednesday he will discuss trade with his Chinese counterpart in the next day and a half by phone, and meet in person at the G-20 summit in Osaka, Japan, next week. The U.S. trade chief has held several rounds of discussions with Chinese Vice Premier Liu He in an effort to resolve differences between Washington and Beijing. President Donald Trump said Tuesday he expected to have an "extended meeting" with Chinese President Liu He at the G-20, a comment that helped send stock indexes sharply higher. The U.S. is threatening fresh tariffs on Chinese goods in the absence of trade progress.