This morning, the Dow Jones Industrial Average was heading higher after the Federal Reserve announced plans to leave interest rates unchanged before the election.
Markets had not expected the central bank to tinker with monetary policy, but the Fed Open Market Committee (FOMC) did issue a statement arguing that economic signs are improving and a rate hike could happen in December.
Here are the key takeaways from Wednesday's FOMC statement.
On Wednesday, the Dow Jones dipped another 77 points as investors eyed the latest report from the Federal Reserve on interest rates. Investors also weighed a weak jobs report issued this morning by Automatic Data Processing (ADP).
Wednesday's Stock Market Numbers:
Dow Jones: 17,959.64 -77.46 (-0.43%)
S&P 500: 2,097.94 -13.78 (-0.65%)
Nasdaq: 5,105.57 -48.01 (-0.93%)
Now, here's a look at today's most important market events and stocks, plus a look at Thursday's economic calendar.
The Dow Jones Industrial Average projected a 44-point gain at the opening bell as markets prepare for new election updates, jobless data, and a busy day of earnings data. But the biggest factor in early trading was the announcement by a United Kingdom court that the UK would need a vote from Parliament in order to leave the European Union. The announcement could significantly delay Britain's departure from the EU.
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Markets have been volatile in recent days, with the CBOE Volatility Index approaching 20 for the first time since mid-September. The FBI's decision to reopen the case into Hillary Clinton's private email network has hurt her in the polls and pushed the market lower. With the national voting day set for next Tuesday, investors are contemplating what a Trump victory election would mean for their portfolios. We break down the latest election news and probabilities, right here.
Last week, 265,000 Americans filed for jobless benefits, a figure that was slightly higher than the 256,000 that economists had anticipated.
The price of crude oil today is up slightly on Thursday despite news that the United States saw a record jump in crude inventories last week. Last week, crude inventories increased by 14.4 million barrels, according to the U.S. Energy Information Agency (EIA). The weekly surge dramatically outpaced the 1-million-barrel build expected by analysts. The news comes at a time when optimism over the OPEC production deal is fleeting.
The WTI crude oil price today added 0.7%, while the Brent crude oil price gained 0.9%. Money Morning Global Energy Strategist Dr. Kent Moors explains that OPEC has done something for the first time ever. And this decision could unleash the next major wave of profits for smart investors. Here's Kent's latest insight on the shocking rumor driving global oil markets.
But the big story in pre-market hours is the World Series. On Thursday night, the Chicago Cubs won their first World Series since 1908 against the Cleveland Indians. The Chicago Cubs victory parade is tentatively set for Friday, according to team owner Tom Ricketts.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.