Dow Notches 9th Straight Win After Fed Statement
Stocks initially retreated following the latest Fed policy announcement, butthe Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) ultimately bounced back to hit fresh record highs. The central bank said it'll begin unwinding its gigantic balance sheet next month, and that there's a chance for another rate hike this year. In response, bank stocks rallied, with Dow component JPMorgan Chase hitting an all-time high, helping the Dow to its ninth straight win. While the tech-heavy Nasdaq Composite (COMP) struggled with Apple stock, rising oil prices helped lift the energy sector, with crude futures settling atop $50 per barrel.
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The Dow Jones Industrial Average (DJIA - 22,412.59) grabbed a seventh consecutive record close, after adding 41.8 points, or 0.2%. McDonald's stock paced the 21 Dow advancers by adding 1.6%, while Apple was the worst off of the nine losers, falling 1.7%. The DJIA peaked at 22,413.26 today.
The S&P 500 Index (SPX - 2,508.24) extended its streak of record closes to four, finishing up 1.6 points, or 0.1%, and just off an intraday best. The Nasdaq Composite (COMP - 6,456.04), however, fell 5.3 points, or 0.1%.
The CBOE Volatility Index (VIX - 9.78) fell 0.4 point, or 3.9%, for its first sub-10 close since Aug. 7.
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Data courtesy of Trade-Alert
Commodities
Oil prices rallied today, topping the closely watched $50 level for their highest close in roughly four months. October-dated crude futures rose 93 cents, or 1.9%, to end at $50.41 per barrel, despite a bigger-than-expected increase in weekly crude inventories.
Gold snapped a four-session losing streak today, but turned lower in after-hours trading, following the Fed announcement. Gold dated for December delivery added $5.80, or 0.4%, to close at $1,316.40 per ounce.