Summary
U.S. markets rose on Thursday morning, extending yesterday’s gains, following the Fed’s rate decision and commentary by Chairman Powell. Leading into the meeting, investors were focused on the dot plot, which in December forecast three rate cuts this year. Yesterday’s chart also included an estimated three rate cuts. Dovish commentary by Fed Chair Powell, who indicated that current rates were likely at their peak for the current cycle, resonated with investors. Almost 70% of investors are now looking for the first rate cut in June. On the employment front, initial jobless claims were 210,000 for the week, down 2,000 from the previous week’s revised level. Ongoing unemployment was 1,807,000, an increase of 4,000 from the previous week’s revised level. In other news, the Justice Department filed a federal antitrust lawsuit against Apple (AAPL). The Dow was up 0.8%, the S&P 500 rose 0.6% and the Nasdaq gained 0.7%. Crude oil traded above $80 per barrel, while gold rose $12 to $2173 per ounce.
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Source: finance.yahoo.com