If you were not looking at Chinese stocks, the market climbed Wednesday. The market climbed to all-time closing highs for the S&P 500 and Dow Jones Industrial Average.
It was not all rosy following a sudden drop in Chinese stocks after no new stimulus was announced Tuesday morning. Four of eleven S&P 500 sectors fell. A second massive hurricane was hurtling toward the American South, due to hit Tampa Bay, Florida, Thursday. Here are Wednesday's mooving stonks.
Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded +71 basis points and hit a record intraday trading high. The $Dow Jones Industrial Average (.DJI.US)$ climbed 1.03%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 60 basis points.
Technology stocks led the rally, with Amazon, Apple, Microsoft, all up 1% earlier, but things were less bright in China as investors took their profits from the recent rally and the China Shenzhen underwent its worst day since 1997; with iShares China Large-Cap ETF recently off 2%.
In the Federal Reserve Open Market Committee minutes released Wednesday, several participants in the meeting said a 25 basis point cut would be a more gradual and predictable "path of normalization." Still, the majority of participants voted for a 50 bp cut.
"A substantial majority of participants supported lowering the target range for the federal funds rate by 50 basis points to 4-3/4 to 5 percent," the minutes read.
In the community economic outlook, the staff forecasted worse economic activity for the remainder of the year based on softening labor market conditions. The staff "marked down" its economic growth forecast based on softer-than-expected labor market growth.
On Thursday, the September consumer index readings will be released, followed by Friday's producer price index numbers.
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