Dow Record as Fed Holds Rates Steady
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As the Federal Reserve held interest rates steady, the Dow Jones Industrial Average made it three for three this week in terms of notching successive record highs.
Component Altria Group was the biggest contributor, while General Motors was throttled and fellow Dow member Boeing experienced a hard landing. Technology shares had a stronger session, with Amazon.com posting a gain that lived up to its name.
The Dow industrial average rose 6.80, or 0.06%, to 12,134.68, after being in negative territory just before the Fed was heard from this afternoon. The industrial average has now delivered new closing peaks for 12 of the last 17 sessions. The Nasdaq Composite Index gained 11.75, or 0.5%, to 2356.59. The Standard & Poor’s 500 Index advanced 4.84, or 0.35%, to 1382.22. The index has now risen six consecutive sessions, its longest run since March, and is at a six-year high.
“The market rallied because I think people are getting more comfortable and confident that the Fed is going to engineer a soft landing,” the chief strategist at Deutsche Bank, Larry Adam, said. “That’s very positive for stocks, but most of this good news has already been priced into the market.”
Volume on the New York Stock Exchange was 1.83 billion. Up volume beat down by 1.21 billion shares to 608 million, and stocks that rose in value exceeded those that fell, 2,274 to 1,086.
The final Dow Jones Industrial Average close was 12134.68, up 6.80.
On the NYSE, there were 2,274 issues advancing, 1,085 declining and 132 unchanged. NYSE volume totaled 1,840,322,000 shares.
