Oh the humanity! The suffering. How will we ever get over this?
"Nasdaq has biggest one-day jump since 2020 after Fed rate hike"
"Microsoft, Alphabet results spark rally in growth stocks
Fed announces rate hike in unanimous decision
Indexes: Dow up 1.4%, S&P 500 up 2.6%, Nasdaq up 4.1%
NEW YORK, July 27 (Reuters) - The Nasdaq jumped more than 4% on
Wednesday in its biggest daily percentage gain since April 2020 as the
Federal Reserve raised interest rates as expected and comments by Fed
Chairman Jerome Powell eased some investor worries about the pace of
rate hikes.
Quarterly reports from Microsoft Corp (MSFT.O), Alphabet Inc (GOOGL.O)
and others added to the day's upbeat tone.
The S&P 500 growth index (.IGX) jumped 3.9% and also registered its
biggest one-day percentage gain since April 2020. Tech and growth
stocks, whose valuations rely more heavily on future cash flows, have
been among the hardest hit this year.
The S&P 500 closed at its highest level since June 8, with the
technology sector (.SPLRCT) giving the index its biggest boost.
The Fed, in a statement following its two-day meeting, raised the
benchmark overnight interest rate by three-quarters of a percentage
point. The move came on top of a 75 basis points hike last month and
smaller moves in May and March, in an effort by the Fed to cool inflation."
https://www.reuters.com/markets/europe/microsoft-alphabet-earnings-lift-futures-ahead-fed-decision-2022-07-27/
TB
--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)