The FOMC voted 10-0 to cut the target for the fed funds rate by 50 basis points to 1.00%, the lowest since June 2004. Through its statement, the Fed said the pace of economic activity has slowed markedly, owing importantly to a decline in consumer expenditures. More from Bloomberg...
Durable goods orders rose 0.8%, better than an expected drop of 1.1%, but August was revised downward by a full percentage point. Ex-transportation, orders were down 1.1%, versus the forecast of a 1.5% decline.
The Dow Jones Industrial Average lost 74 points (0.8%) to close at 8,991, the S&P 500 Index declined 10 points (1.1%) to 930, while the Nasdaq Composite advanced 8 points (0.5%) to 1,657. Crude oil gained $4.77 to $67.50 per barrel, and gold ended up $12.20 at $752.70 per ounce.
Magnificent Seven Update
