Dow, S&P 500 Snag Record Closes After Fed Meeting

After a rocky start, stocks closed out the day with a win, after the U.S. Federal Reserve indicated there would be no interest rate hikes until at least 2023. The central bank also assured it will let inflation run more than usual in order to guarantee economic recovery. Fed Chair Jerome Powell, in the post-meeting press conference, noted that it would take a sustained move from inflation rates above 2% to alter the current dovish policy stance.

In turn, the Dow and S&P 500 scored their eighth win in nine trading days, adding a record close today, to boot. The tech-heavy Nasdaq also locked in a strong session for its third-straight gain. For investors monitoring rising bond yields, the 10-year Treasury eased from its high of the day and year after jumping to 1.689%.

The Dow Jones Industrial Average (DJI - 33,015.37) rose 189.4 points or 0.6% for the day. Dow Inc (DOW) led the blue chip components with a 4.5% rise, while Walgreen Boots Alliance (WBA) paced the laggards, falling 1.1%.

Meanwhile, the S&P 500 Index (SPX - 3,974.12gained 11.4 points, or 0.3% for the day. The Nasdaq Composite (IXIC - 13,525.20added 53.6 points, or 0.4% for the day.

Lastly, the Cboe Volatility Index (VIX - 19.23) fell 0.6 point or 2.8% for the day.

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Oil prices logged their fourth-consecutive loss as fears over weaker demand in Europe and rising inventories in the U.S. negatively impacted investor sentiment. The former worries stem from the pausing of AstraZeneca's vaccine due to possible side effects, and other countries in the region see increasing virus cases. As a result, May-dated crude fell 20 cents, or 0.4%, to settle at $64.63 per barrel.

Gold prices rose today, soaring to their highest levels on the day following the Fed's latest policy decision. In response, April-dated gold added $3, or 1.1%, to settle at $1,727.10 an ounce.

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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