The U.S. Federal Reserve pledged to keep interest rates near zero through 2023
Stocks finished today's session mixed, with the Dow rising a modest 36 points after the U.S. Federal Reserve pledged to keep interest rates near zero through 2023. Additionally, long-term U.S. Treasury yields came off their recent lows and rose as Fed Chairman Jerome Powell pledged to keep an "accommodative stance of monetary policy until these outcomes, including maximum employment, are achieved." Elsewhere, the S&P 500 finished the day marginally lower, snapping its three-day win streak, while the Nasdaq fell slightly thanks to a lackluster performance from Big Tech.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 28,032.38) added 36.8 points, or 0.1%. Chevron (CVX) paced the list of winners today, finishing the day 2.9% higher. Meanwhile, Apple (AAPL) landed at the bottom with a 2.9% drop.
Meanwhile, the S&P 500 Index (SPX - 3,385.49) fell 15.7 points, or 0.5% for the day. The Nasdaq Composite (IXIC - 11,050.47) lost 139.9 points, or 1.3% for today's session.
Lastly, the Cboe Volatility Index (VIX - 26.04) rose 0.5 point, or 1.8%.
- Cloud concern Snowflake made its debut on the New York Stock Exchange (NYSE) today under the ticker SNOW, and surged more than 120%, marking the largest ever software initial public offering (IPO). (CNBC)
- Consumer spending slowed in the U.S. in August, with retail sales unexpectedly declining. Additionally, economic recovery from the recession was shown to be in jeopardy as unemployment benefits were cut for millions of Americans. (Reuters)
- A bull note rolled in for Kate Spade's parent company.
- DraftKings stock surged to fresh highs on giant NFL deal.
- One analyst dubbed Zillow stock a "catalyst call buy."
Data courtesy of Trade-Alert
Oil Notches Another Win as Inventories Fall, Sally Halts Offshore Production
Oil prices rose Wednesday, as U.S. crude inventories fell unexpectedly by 4.4 million barrels and Hurricane Sally brought offshore production to a halt. However, black gold prices were capped by dismal consumption figures from the U.S. Energy Information Administration (EIA) and a pullback in diesel demand. In response, October-dated crude added $1.88, or 4.9%, to settle at $40.16 per barrel.
Gold prices finished today's session flat, after the aforementioned Fed rate announcement. Prior to the Fed reveal, Gold for December-delivery settled up $4.30, or 0.2%, to settle at $1,970.50 an ounce.