The Fed used its policy statement to begin to pivot from stabilizing financial markets to stimulating the economy, saying that it would keep its current government bond-buying at least at the current pace of $120-B per month, in part to ensure “accommodative” financial conditions in the future
Chairman Powell said the Fed “is both confident and committed and determined” to modestly overshooting 2% inflation.
Wednesday, the major US stock market indexes finished at: DJIA +36.78 at 28022.38, NAS Comp -139.85 to 11050.48, S&P 500 -15.71 to 3385.49
Volume: Trade on the NYSE came in at 1.1-B/shares exchanged
HeffX-LTN’s overall technical outlook for the major stock market indexes is Bullish with a Very Bullish bias
- NAS Comp +23.2% YTD
- S&P 500 +4.8% YTD
- DJIA -1.8% YTD
- Russell 2000 -7.0% YTD
Looking Ahead: Investors will receive weekly Initial and Continuing claims, Housing Starts and Building Permits for August, and the Philadelphia Fed Index for September Thursday
Have a healthy day, Keep the Faith!