Friends
As expected, the Fed did nothing with regards to interest rates (Fed Funds Rate) today, but it appears that if things remain on the path that they are on, we will get our first rate cut in September. Stocks had already been rallying in anticipation of the Fed and a revival of the big chip companies’ share prices.
For the day, the Dow Jones Industrial Average was up 99 points to close at 40,842. The S&P 500 was up 85 points to close at 5,522. The Nasdaq Composite Index was up 451 points to close at 17,599. Gold was up $41 to trade at $2,493 per ounce, while oil was up $3.65 to trade at $78.38 per barrel WTI.
We still have some big earnings releases coming this week including Apple, but today’s story was the rebound in the Nasdaq and some of the big tech names. Hang on, this week’s ride isn’t over yet.
Have a nice evening everyone.
