2021-09-22 15:30:02 $ECON Economic Data
09/22/21 09/2215:30 09/22/2115:30 | Wall Street added to earlier gainsWall Street added to earlier gains following the FOMC announcement, taking the major indices up around 1.25%. They had been up near 0.8% to 1.0% ahead of the Fed. The initial post-FOMC reaction was taken as no surprises here, which saw follow through buying step in. After some reflection however, it appeared investors turned focus to the prospects of rate hikes in 2022, which were revealed by the dots. For 2022, analysts now have 9 forecasts of a rate hike instead of 7 previously. This, along with Powell comments that tapering would be complete by as early as mid-2022 saw stocks come off their best levels, though still solidly higher. All 11 S&P sectors were up, with gains led by energy and financials. FedEx was a big loser, falling over 8% as it missed on earnings, as labor costs ate into profits. Facebook meanwhile, fell 3.5%, the result of Apple's new ad policies. |
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Treasury's $96 B 3- and 6-month bill auctions were well received »
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Futu Holdings put volume heavy and directionally bearish »
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