Stock-market investors can thank the Federal Reserve’s response to the COVID-19 pandemic for a relief rally that saw the S&P 500 briefly top the 2,950 level on Wednesday, but it might take another economic shock to prompt the sort of additional policy response that would allow equities to push further to the upside, according to one Wall Street analyst.
Oil futures finish 25% higher for Thursday’s session, paring their loss for the month as traders eye the outlook for global crude supply, demand and crude storage capacity.
U.S. stocks were back trading near session highs Wednesday afternoon, after Federal Reserve Chairman Jerome Powell outlined plans to offset fallout of the coronavirus pandemic.
U.S. Treasury yields rise Wednesday as the Federal Reserve said it would do everything it could to support the economy in face of the COVID-19 pandemic after its two-day meeting.
By JJ Kinahan, Contributor The Fed appears to be thinking long-term as it promises to keep policy dovish until it sees the economy making a significant comeback. This could take a long time, but investors and businesses might be applauding the Fed for having their back in these rough times. …read more