The Stock Market Bull Ride Continues
The stock market continues its’ upwards spiral, despite the fact the Fed raised rates.
Even though there was relatively muted action in stock markets Friday, the Dow, S&P 500 Index (SPX), and Nasdaq Composite (COMP) all closed higher for the week, with the COMP notching an all-time intraday high.
There was plenty of information to be considered throughout the week -- trade discussions in a meeting between President Donald Trump and German Chancellor Angela Merkel, as well as the G-20 summit of global financial leaders, a round of economic data and wavering oil prices, as well as a pull-back in bond rates. And on top of this was quadruple witching expiration occurring.
When the Fed actually raised rates on Wednesday afternoon there was surge in stock prices. The fact that the committee was comfortable with just three hikes this year, provided a comfort zone to traders, and for those that were
gambling on a more hawkish Fed there was scramble to undo their bets.
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