Day Traders Diary
The major averages rallied once again now up 6% for the month of June after the Federal Reserve opened the door for looser monetary policy in the near future. The Dow Jones Industrial Average rose 38 points, while the S&P 500 gained 0.3% and the Nasdaq Composite advanced 0.4%.
The Fed kept interest rates unchanged at the meeting, as was widely expected. While not outright signaling a cut was ahead this year, the Fed did drop the word "patient " from its statement and said it would "act as appropriate" to sustain the economy. Fed Chair Jerome Powell also said in a news conference after the announcement that some Fed officials believed the case for easier monetary policy had strengthened.
Most S&P 500 sectors finished higher, led by the defensive-oriented health care up 1%, utilities up 0.8%, and real estate up 0.7%. The materials declined 0.5%, energy down 0.2% and the financials down 0.2%.
In corporate news, Adobe Systems (ADBE) jumped 5% following strong earnings. U.S. Steel (X) rose 4% even though the company offered softening guidance for the current quarter. Beyond Meat (BYND) closed modestly lower after Taco bell passed on the plant based meat.
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