Today, the Fed announced a 50 basis point rake hike. This was highly expected but the major news came when Fed Chair Jerome Powell announced that 75 basis point hikes are off the table. We may see more 50 basis point hikes but that would be the most. This sparked a relief rally on Wall Street and pushed the major indices higher. The Dow closed with a gain of 932 points, the S&P500 added 124 points, and the NASDAQ popped 401 points. All around a 3% gain for the day.
This week's trade expired at the close today and the gross return on that was 3.1%. Have a great week!
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