Fed: no more rate hikes this year – Here’s what you need to know…

Stock Market Update Wednesday, April 10th, 2019

Stocks were higher in early trading this morning. But then trading was choppy with traders waiting for the March Fed Minutes.

The Fed released minutes from the last Fed meeting at 2:00pm ET today. The minutes showed that the Fed sees little reason to continue to raise rates and will remain flexible.

Immediately following the release there was some indecision. But after the dust settled, stocks rallied and the major indices finished the day near session highs.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.4% gain. Up 10 points, the S&P ended at 2,888.
  • The DOW ended flat. Adding 7 points, the DOW closed at 26,157.
  • The NASDAQ was up 0.7%. With a 55 point gain, the NASDAQ finished at 7,964.

Crude Oil (CL) found support right around $64 and rallied. Up 1.0%, CL ended at $64.62 a barrel.

Boeing (BA) continues to struggle. The stock was the biggest loser in the DOW today, and a big reason the index continues to lag behind the major indices. Boeing dropped for the 4th day straight, finishing the day with a 1.1% loss.

Airlines have had a tough time recently. But today Delta Air Lines (DAL) jumped on better than expected earnings. The stock finished higher by 1.6%.

Goldman Sachs says that the chance of a recession is now just 10% over the next year. At the end of 2018, Goldman economists were expecting a 20% chance of a recession. Goldman says Fed policy is a big reason for the change.

Here is the economic calendar for the week:

Real Time Economic Calendar provided by Investing.com.

This Stock Market Update was provided by Rockwell Trading Services LLC.

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