Posted on 07/27/2022 1:54:37 PM PDT by John W
NEW YORK (Reuters) - U.S. stocks rallied on Wednesday and the Nasdaq posted its biggest daily percentage gain since April 2020 as the Federal Reserve raised interest rates as expected and comments by Fed Chairman Jerome Powell reassured investors.
In addition, upbeat quarterly reports from Microsoft Corp and Alphabet Inc provided further encouragement about about the earnings season.
The S&P 500 closed at its highest level since June 8.
The Fed raised the benchmark overnight interest rate by three-quarters of a percentage point. The move came on top of a 75 basis points hike last month and smaller moves in May and March, in an effort by the Fed to cool inflation.
Powell said in a news conference following the rate announcement that he did not believe the U.S. economy is currently in a recession but that it is softening.
Powell also “didn’t automatically say we needed another rate hike,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
“It was a calming statement coming on the heels of a day where you saw some earnings and revenues that were better than expectations, albeit expectations that were very tempered.”
(Excerpt) Read more at stocks.apple.com ...
Suckers rally.
Yay! We’re saved!
Eating, drinking, buying, selling, planting, building, marrying and giving in marriage shall continue unhindered!
Luke 17:26-32
King James Version
26 And as it was in the days of Noe, so shall it be also in the days of the Son of man.
27 They did eat, they drank, they married wives, they were given in marriage, until the day that Noah entered into the ark, and the flood came, and destroyed them all.
28 Likewise also as it was in the days of Lot; they did eat, they drank, they bought, they sold, they planted, they builded;
29 But the same day that Lot went out of Sodom it rained fire and brimstone from heaven, and destroyed them all.
30 Even thus shall it be in the day when the Son of man is revealed.
31 In that day, he which shall be upon the housetop, and his stuff in the house, let him not come down to take it away: and he that is in the field, let him likewise not return back.
32 Remember Lot’s wife.
https://www.biblegateway.com/passage/?search=Luke%2017%3A26-32&version=KJV
Absolutely.
I’m confused...
The same morons are still in charge.
Jerome .75 sez no recession. So there……economy is fixed.
aka Dead Cat Rally
I agree. I pared down some mutual fund holdings right at the close. I’ll reinvest after the depression fully takes hold.
Dead cat bounce
Dead cat…period
Bidenomics.
Trying to save the brain damaged dems from facing a democrat inflicted recession.
Maybe it will work on paper but the people know what is going on. There’s no hiding this behind changed definitions or a fake stock market rally.
I thought so as well . . . so I shorted several stocks.
Wall Street is also fixed...the more they shill for the rats right now the more money they pocket from this EFFIN lie!! WE ARE IN A RECESSION whether WS wants to admit it or not!
I should have been an economist or a weatherman. Just say whatever...
In engineering, things blow up/melt if I screw up.
“In engineering, things blow up/melt if I screw up.”
Future generations will enjoy affirmative action engineering—if they are pyromaniacs.
:-)
P.S. The “experts” will never figure out what went wrong.
Luckily I will be dead. :)
F’n Reuters trying to rescue Biden with his recession dodge
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.