The Federal Open Market Committee concluded its two-day meeting today and kept the fed funds target at a range of 0.00-0.25%. The Fed expect inflation to “remain subdued for some time.” The Committee believes that the pace of economic contraction is slowing and financial market conditions are improving.
Durable goods orders surprisingly jumped, gaining 1.8% month-over-month in May, versus an expected decline of 0.9%. April's data was revised slightly lower, from a previously announced advance of 1.9% to a 1.8% gain. Ex-transportation, orders also unexpectedly rose—advancing 1.1% compared to a forecasted decline of 0.5%.
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New home sales fell 0.6% for May month-over-month to an annual rate of 342,000 units, worse than the 2.3% gain expected by economists, but April sales were revised higher, to an increase of 2.7%, from the 0.3% rise initially reported.
The Dow Jones Industrial Average dropped 23 points (0.3%) to close at 8,300, the S&P 500 Index gained 6 points (0.7%) to 901, and the Nasdaq Composite rose 27 points (1.6%) to 1,792. Crude oil fell $0.57 to $68.67 per barrel, and gold gained $6.20 to $932.03 per ounce.
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