Equities caught a decent bid following a dovish Fed policy statement today. The S&P 500 (SPY) closed up 0.58%, while the Nasdaq 100 (QQQ) finished up even more at 0.89%. While the Energy sector (XLE) surged 1.73% on the back of a 5% gain for oil, Health Care (XLV) and Financials (XLF) actually finished in the red. “Lower for longer” hurts banks, and today’s Fed decision negatively impacted the group.
While stocks in the US were up modestly, foreign market ETFs surged across the board (with the exception of Japan). Australia (EWA), Brazil (EWZ), Canada (EWC), India (INP), Mexico (EWW) and Russia (RSX) all closed up more than 2%, while most other country ETFs (top right section of the matrix) finished up 1%+. Along with oil, both gold and silver surged 2% as well, and even Treasury ETFs closed higher.
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