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Stocks Welcome Powell's Commitment to Clarity

EQUITIES
  • Markets initially reacted negatively to the Fed rate decision, with stocks sinking in response to the Fed's acknowledgement of progress toward their policy goals. The e-mini S&P sank to session lows of 4377.50 before markets reversed course and rallied on Powell's commitment to providing advance notice and clarity before any QE taper.
  • Energy and communication services names led the late rally, with earnings reports also a solid contributor. The likes of Alphabet and Facebook outperformed on earnings, while Twitter rallied on news of the addition of a shopfront for user profiles.
  • US-listed Chinese firms rallied for the first session in five, with the NASDAQ Golden Dragon Index higher by 10% into the close as Chinese authorities looked to soothe markets by convening local investment bank heads to allay fears on the recent market volatility.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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