Market wraps mixed; tech stocks rocketed while Dow dipping further
Today's trading session ended with a mix of everything as traders continue to digest the statement released by the Federal Reserve pertaining to the projections and the latest decision for the monetary policy.
The Dow fell bigtime, while S&P was little changed. NASDAQ, on the other hand, eked out gains as tech continues its streak. The treasury yields also stabilized after the massive spike when the Fed's announcement came in. The 10-year yield lowered down close to previous levels.
The FOMC (Federal Open Market Committee) also updated their forecast for the ongoing economic growth, along with inflation, confirming current concerns over higher prices due to struggling supply. They acknowledged the current predicament of the labour force being under pressure while the much needed job posts are still vacant. FOMC also confirmed that tapering would take place only after the goal of maximum employment is achieved which is still ways off.
Despite this, the trend for employment data is moving on a positive direction. While being observed as slow, it is still driving to the right direction. The Labor Department's weekly jobless claims report that came in Thursday reflect that there was an increase in new filings, which was a first in seven weeks.
Here's the major movement for the market session on Thursday, June 17:
- NASDAQ Composite Index stepped up to 14,161.35 after gaining 0.87% or 121.67 points.
- The Dow Jones Industrial Average closed at 33,823.45 and dropped by 0.62% or 210.22 points.
- S&P 500 Index moved slightly by 0.04% or 1.84 points and wrapped at 4,221.86.
- U.S. 10 Year Treasury yield lost 5.8 basis points to 1.5110%.
- Gold stepped down by 4.72% and now at $1,773.50 an ounce
- Crude slightly down by 1.50% at $71.07 per barrel
Cryptocurrencies are trying to get back on their feet after the massive drop recently. We have the 5 main cryptocurrencies below, along with their current prices:
- Bitcoin (BTC) - $36,393.22
- Etherium (ETH) - $2.213.09
- Ripple (XPR) - $0.79
- Bitcoin Cash (BCH) - $563.31
- LiteCoin (LTC) - $156.17
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