STOCKS GO NOWHERE AFTER FED HOLDS: Here's what you need to know
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REUTERS/Jonathan Alcorn
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Stocks moved slightly after the news, but didn't make major gains on the day as all three major US stock indexes pushed into the green.
Bond yields did sink slightly following the Fed's decision, but remained up for the day.
We've got all the headlines, but first, the scoreboard:
- Dow: 19,888.89, +27.34 (+0.14%)
- S&P 500: 2,280.12, +1.16 (+0.05%)
- Nasdaq: 5,644.02, +29.30 (+0.52%)
- UST 10-year bond yield: 2.474% (+2.3 bps)
- The Fed kept their key interest rate between 0.50% and 0.75%. The lack of a hike was expected and the Fed's statement did not change much from its December meeting, only to note the increase in consumer and business sentiment since the election.
- Ray Dalio is getting worried about Trump's policies. The head of Bridgewater Associates, the world's largest hedge fund, said in a letter to clients that the firm is "increasingly concerned about the emerging policies of the Trump administration."
- ADP private payrolls crush expectations. The measure of private hiring showed 246,000 were added in January, much higher than the 168,000 expected by economists.
- The US manufacturing sector looked solid in January. The ISM manufacturing index increased to 56.0 for the month of January, above the 55.0 expected from economists.
- Facebook is set to report earnings. Wall Street expects adjusted EPS of $1.31, up from $0.79 in the year-ago period, and revenue of $8.51 billion, up 46% from $5.84 billion in the year-ago period.
- Senate Republicans bypassed a Democratic boycott to get Trump's Treasury secretary Steven Mnuchin through committee. Republicans on the finance committee changed the standing rules of the committee to allow a vote with no Democrats present. This allowed them to approve Mnuchin, along with Health and Human Services secretary Tom Price, to move on to the full Senate vote.
- Russia's economy is nearly out of its recession. Russia's GDP came in at -0.2% for 2016, better than the -0.5% expected by economists.
ADDITIONALLY:
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