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Takeaways From the Fed

Daily Recap

Markets continued yesterday's "euphoria," to quote one media source, over the Fed's decision to not raise rates this month or probably next month also. European stocks rallied strongly, and the Global Dow Index finished up 1.27%

A weaker dollar was another result of the Fed's decision, along with lower bond yields. Thus, bonds rallied to their highest levels in two weeks. The dollar ended only slightly lower, however, its index against major currencies down only 0.1%.

Crude oil was higher for the 4th day in a row, closing at $46.80, up 1.76%. Precious metals added to yesterday's mania. Gold rose to $1338, silver to $19.94, and platinum to $1058. Oddly, the mining shares trended lower throughout the day, and XAU ended down half a percent.

The Dow Industrials gained 99 points to 18,392, the S&P 500 gained 14 points to 2177, and the NASDAQ again made new highs, finishing at 5339, up 44 points.

 

 

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