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Stocks Settle Higher on Fed-Friendly U.S. Economic Reports
Barchart - Tue Jan 31, 3:32PM CST
What you need to know…
The S&P 500 Index ($SPX) (SPY) Tuesday closed up +1.46%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.09%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.59%.
Stock indexes on Tuesday shook off overnight losses and moved moderately higher. An easing of U.S. wage pressures knocked bond yields lower and boosted stocks after Tuesday’s report on the U.S. Q4 employment cost index rose +1.0% q/q, weaker than expectations of +1.1% q/q and the slowest pace of increase in a year. Also, other U.S. economic reports Tuesday on the Nov S&P CoreLogic composite-20 home price index, the Jan MNI Chicago PMI, and Jan consumer confidence were Fed-friendly and bolstered the case for easier Fed policy.
Expectations are for the FOMC on Wednesday to increase the fed funds target range by 25 bp to 4.50%-4.75%, slowing from last month’s 50 bp rate increase and November’s 75 bp increase. The markets will also scour Wednesday’s post-FOMC meeting c... Read more
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