Stocks are trading at all-time highs this morning after the Federal Reserve announced they will keep the punch bowl spiked a little longer.
By a 9-to-1 vote the Fed chose to continue its massive $85 Billion per month Bond buying program which stunned the financial markets sending stocks higher and bond yields lower. The central bank cited softer US growth, rising interest rates, and reduced federal spending that would all act as headwinds as their reason for not tapering.
Tech bell weather Oracle reported earnings yesterday after the bell. The company saw an increase in quarterly profit of 8% but the software giant’s sales fell below expectations for the third quarter in a row. The company also gave disappointing guidance for the rest of the year. That news sent the stock lower.
And the number of people filing for unemployment claims was 309,000 last week which is the lowest number in 6 years which is a positive sign because it is a forward looking economic indicator.