Stocks Extend Rally on Unchanged Interest Rates

The move does not eliminate the possibility of future rate hikes, however

Digital Content Manager
Nov 1, 2023 at 4:26 PM
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The Federal Reserve refrained from hiking interest rates for a second-straight month. While the central bank did not eliminate the possibility of future hikes, it kept interest rates unchanged between 5.25% and 5.5%, noting the economy is growing at a "solid pace."

Stocks rallied in response to the largely anticipated move. The Dow and Nasdaq added triple digits, with the former securing a third consecutive daily win after yesterday finishing October with a third-straight monthly loss. The S&P 500 also settled with a notable gain, while the Cboe Volatility Index (VIX) extended its losing streak for a third session.

  • Earnings beat props up pharma stock.
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5 Things to Know Today

  1. Prosecutors said in their closing arguments that former CEO of cryptocurrency exchange Sam Bankman-Fried built his empire on a "pyramid of deceit." (CNBC)
  2. CVS Health (CVS) issued a disappointing outlook for 2024 and lowered its profit guidance for 2023, despite beating estimates for the third quarter. (MarketWatch)
  3.  Online dating stock dinged after dismal forecast.
  4. Weak sales outlook dings Advanced Micro Devices stock.
  5. What happens to stocks when large speculators are long. 

Earnings November 12023

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Gold, Oil Prices Start November With Losses

Oil prices settled lower today, erasing earlier gains to mark a third-straight daily loss. A substantial increase to U.S. oil production weighed on the commodity. December-dated West Texas Intermediate (WTI) crude lost 58 cents, or 0.7%, to close at $80.44 a barrel.

Gold prices finished firmly lower as well, as Wall Street unpacked the Fed's interest rate decision. December-dated gold shed $6.80, or 0.3%, to close at $1,987.50 an ounce for the day. 

 

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