Stock market today closed lower, Nasdaq composite made a new 52-week high
Latest stock market news. The US stock market closed lower today, but Nasdaq composite outperformed closing above the 10,000 level, making a new 52-week high. Small-cap stocks were underperformers today, with Russell 200o index falling more than 2%. The latest stock market closing figures today are:
S&P 500: 3,190.14,-17.04(-0.53%)
Dow 30: 26,989.99,-282.31(-1.04%)
Russell 2000: 1,469.47,-37.58(-2.49%)
Stock market news
“Fed: No rate hikes likely through 2022, projects 6.5% GDP contraction this year.
The Federal Reserve decided on Wednesday to hold interest rates steady at near-zero, signaling its intention to support a post-COVID economic recovery by keeping rates at the lower bound through at least 2022.
“We’re not thinking about raising rates,” Fed Chairman Jerome Powell said in a press conference. “We’re not even thinking about thinking about raising rates.”
The Fed’s statement noted that financial conditions “have improved,” pointing to optimism over an economic recovery. In addition to keeping rates in its target range of 0% and 0.25%, the Fed statement also committed to increasing its asset purchases “over coming months.”
Tesla, Inc. (TSLA) stock was among trending stocks making a new 52-week high, with a stock price at the close of 1,025.05+84.38 (+8.97%).
DPW Holdings, Inc. (DPW) stock was another trending stock today, with a stock quote of 3.05+1.63 (+114.789%) at the close.
The stock market did not react much to the Fed interest rate decision, a pause in the recent stock market is both logical, while valuation for many stocks is elevated at price levels that need caution. Stock trading, stock investing is about managing risk.
At 4:19 PM, ET time today crude oil price was unchanged and gold price higher.
Crude Oil: 38.94,0.00(0.00%)
The 10-Yr Bond yield at 4:22 PM, ET time was at 0.7480,-0.0810(-9.77%). With Fed commenting that ” financial conditions “have improved,” pointing to optimism over an economic recovery” the bond yields can provide important information about the risk-on sentiment and the future performance of the stock market.