Fed Chair Powell said the central bank will remain "data-dependent"
The Dow made history today, scoring 13th consecutive win -- its longest win streak since January 1987. The blue-chip index traded on both sides of the aisle throughout the day, but closed higher even after the Federal Reserve's decision to raise interest rates by 25 basis points to their highest level since 2001.
Fed Chairman Jerome Powell noted the central bank would remain "data-dependent" on future rate hikes, signaling neither a preference at the moment toward hiking or pausing at the next meeting in September. The S&P 500 and Nasdaq spent the day in the red, the former snapping a three-day win streak, and the latter holding above 14,000.
Continue reading for more on today's market, including:
- Call debit spreads can diversify your portfolio.
- Boeing stock lifted the Dow today.
- Plus, Alphabet's big day; SNAP's slide; and a must-listen podcast episode.
5 Things to Know Today
- The Securities and Exchanges Commission (SEC) weighs in on artificial intelligence in the stock market. (MarketWatch)
- The Federal Aviation Association (FAA) is responding to the 737 MAX crashes. (Bloomberg)
- Big Tech boosted by GOOGL's post-earnings bull gap.
- Snap stock falls after earnings yet again.
- Podcast: The psychology of a hot streak.
Oil Snaps 4-Day Win Streak
Oil cooled off today to halt a four-session win streak. Losses were kept in check by the smaller-than-expected decline in crude supplies. September-dated oil shed 85 cents, or 1.1%, to settle at $78.78 per barrel.
Gold rose in response to Fed Chair Jerome Powell's post-meeting comments. August-dated gold added $6.40, or 0.3%, to settle at $1,970.10 an ounce.