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Fed Leaves Rates Unchanged, Stocks Poised For Second Up Week In A Row

Stocks closed mostly lower yesterday, but held onto most of their gains from Wednesday's post-election surge.

Yesterday's price action was much more subdued compared to Wednesday's blistering pace. That's not to say it wasn't without its volatility. But it was definitely a slower-paced day. And that was just fine.

The FOMC Meeting Announcement took place yesterday, and as expected the Fed left rates unchanged. The current Fed Funds mid-point is at 2.13%. And their assessment of the economy was also largely unchanged. Although, the market is anticipating the Fed to raise rates one more time this year by another 25 basis points in December, putting the mid-point at 2.38%.

In other news, Weekly Jobless Claims ticked lower by -1,000 new claims to 214K. Continuing claims and the 4-week average also ticked lower with both at their lowest (best) levels in 45 years.

Today we'll get a few other report cards on the economy with the Produce Price Index-Final Demand report, Wholesale Trade, and Consumer Sentiment.

And if all goes well, it looks like it'll be the second week in a row of big weekly gains.


Kevin Matras

Executive Vice President, Zacks Investment Research


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