Fed rate cut did not help but up and down day in US stocks
The US major indices had a volatile up and down trading day. At the end, the indices all closed sharply lower with each down over -2.8%.
The final numbers are showing:
- S&P index -87.09 points or -2.82% at 3003.14
- NASDAQ index -268.07 points or -2.99% at 8684.09
- Dow down -788.56 points or -2.95% at 25914.93
The major indices initially rallied after the 50 basis point emergency meeting cut by the Fed, but as Fed Chair Powell’s is conference got underway and the Fed chair was perhaps less dovish than the market expected, the stocks gave up gains.
The S&P closed below it’s 200 day MA. At 3049.01, after trading above and earlier in the session. The S&P index is still above the low price from last Friday at 2855.94. That corresponded with the low from October 2019, and is a key target on the downside