CNBC: S&P 500 closes at record after Fed says economy is strong enough for it to slow pandemic bond buying
Stocks rose to new records on Wednesday after the Federal Reserve made its long-anticipated announcement to slow the monthly bond purchases the central bank implemented during the pandemic.
Major averages climbed steadily into the green as the central bank said it will begin to scale back the bond buying later this month and reiterated that it would be in no rush to raise interest rates after finishing the taper next year.
The Dow Jones Industrial Average rose 104.95 points to 36,157.58, after being down more than 160 points earlier in the session, and closed at a new record. The S&P 500 traded up 0.65% to 4,660.57 to a new all-time high. The Nasdaq Composite added 1% to 15,811.58 and closed at a record. This is the fourth session in a row that all three major averages closed at new highs.
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Update #1: Stocks rise after Fed says it will dial back aid for economy (AP)
Update #2: S&P 500 Sets New Record By Surging 37% During Biden's First Year As President (Zero Hedge)
WNU Editor: This quote from today is spot on .... no other president has seen such money pumping during their first term.
4 comments:
When Trump was doing it it was "just a strong economy". Now that the ideological opponent is doing it we'll call it what it is. And on and on we go unto oblivion...
5:58,
When Trump won the election for President, the Fed decided at that moment to tighten credit after giving Obama a smooth ride.
https://www.macrotrends.net/2015/fed-funds-rate-historical-chart
About the highest fed rate Obama say was about .40%
Under Trump the rate was 5.27%
Obama literally had training wheels, which had Federal Reserve engraved on them.
Poor old, no brain Joe has a rate of .09%.
And the Fed is literally buying stock, so if there are any leaks, you can make a killing in the stock market.
The COVID economy is a government ran economy not a free market. The government or governments created COVID.
It's falling down.
A meaningless indicator of little.
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