Dow Jones Turns Higher After Fed Statement
$Dow Jones Industrial Average (.DJI.US)$ Technology stocks turned higher in afternoon trading Wednesday after the Federal Reserve's policy statement penciled in three interest hikes in 2022. The Dow Jones Industrial Average was up 0.4%, with $Cisco (CSCO.US)$ leading the way, nearly 3%. Amid a lot of selling in the technology sector, Cisco stock is acting well as it holds above key support levels. It's also trading near a 58.73 buy point.
As expected, the Fed quickened the pace of its tapering. Asset purchases will now decrease by $30 billion per month and likely come to an end in March.
The Dow Jones is currently testing support at its 50-day moving average, while the S&P 500 holds above its 50-day line. The S&P 500 was up 0.5%, but $Eli Lilly and Co (LLY.US)$ , $Fortinet (FTNT.US)$ and $Pfizer (PFE.US)$ outperformed in the benchmark index. Eli Lilly stock jumped 9% and cleared a 271.21 entry, helped by bullish earnings guidance.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
