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By Staff Reporters
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The Federal Reserve raised its benchmark interest rate another 0.25% on Wednesday, reviving its inflation fight despite a significant cooldown of price increases in recent months. The rate hike brought the Fed’s benchmark interest rate to a 22-year high of between 5.25% and 5.5%. Inflation has fallen significantly from a peak last summer, but remains at a level one percentage point higher than the Federal Reserve’s target of 2%.
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The Dow on Wednesday rose for a 13th straight day, matching its longest winning streak since 1987. If it closes higher today, it would be a streak not seen since 1897 — about a year after the benchmark was created — when the Dow advanced for 14 sessions in a row. During this latest run, the Dow has outperformed, gaining 5%. That momentum hasn’t been seen in the broader S&P 500 and NASDAQ Composite indexes, however. Both are up just 3% since the Dow’s streak began. The S&P 500 has fallen twice in that time, while the NASDAQ has posted three losing sessions
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Here is where the major benchmarks ended for the day:
- The S&P 500 Index was down 0.02% at 4,566.75; the Dow Jones Industrial Average (DJIA) was up about 82 points (0.23%) at 35,520.12; the NASDAQ Composite was down 17 points (0.12%) at 14,127.28.
- The 10-year Treasury note yield (TNX) edged down to 3.867%.
- CBOE’s Volatility Index (VIX) dropped 5 points to at 13.32.
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Filed under: "Ask-an-Advisor", Breaking News, Financial Planning, Funding Basics, Investing, LifeStyle | Tagged: CBOE, DJIA, DOW, fed, FOMC, inflation, interest rates, IRS, Jerome Powell, NASDAQ, S*P 500, TNX, VIX |
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