By Teresa Rivas Sept. 27, 2018 5:21 p.m. ET Michael Haddad
Sweet Relief. Stocks swung into the black on Thursday afternoon: The Fed was still on investors’ minds, but tech was able to boost spirits across the board, lifting the Nasdaq rising to its fifth highest close in history and snapping multi-day losing streaks for the Dow and S&P 500. In today’s After the Bell, we…
…talk about the headlines from D.C.;
…explain some sources of optimism; and
…wince at Conagra Brands’ (CAG) fall.
Look on the Bright Side
Stocks closed higher on Thursday, bouncing back from Wednesday’s late-day slide.
The Dow Jones Industrial Average rose 54.65 points, or 0.21%, to 26439.93 and the S&P 500 climbed 8.03 points, or 0.28%, to 2914.00 while the Nasdaq Composite added 51.60 points, or 0.65%, to 8041.97.
Investors were still digesting yesterday’s commentary from the Federal Reserve, which raised interest rates by 25 basis points as expected. Expectations for gradual increases to the fed-funds rate come as the U.S. economy is performing well and inflation doesn’t appear problematic,” TD Ameritrade’sJ.J. Kinahan writes in a research report. “So the Fed’s removal of ‘accommodative’ could signal that it believes the economy can forge ahead on its own with less help from ultra-low interest rates.” Still, Chairman Jerome Powell said that monetary policy is still accommodative, so perhaps it’s better to just look at the data, urges Stifel’s Lindsey Piegza. Still, she writes that “dropping ‘accommodative’ whether intentional or unintentional adds a seemingly dovish overtone to an otherwise modestly-hawkish forecast.”
But that was yesterday’s news. The big