After a volatile session today, Dow Jones closed at 42,171 (-0.10%). The index during today’s trading session went past 42,500 only to close slightly above its the day’s low of 42,118. The index is in an upward trend in short term since it hit its low for this year around 38,264 and has made double tops at 42,750. The index has to go past 42,750 with significant volumes to continue the uptrend.
Key market events today:
- Federal Reserve maintains steady rates in the range between 4.25%-4.5%. The committee still expects two rate cuts within 2025 but reduced the expectation of future rate cuts in 2026 and 2027.
- The initial jobless claims report shows a decreased to 245,000 and continuing jobless claims also reduced to 1,945,000
