Stocks were higher Wednesday afternoon, after the Federal Reserve released their July monetary policy, executives of some of the largest tech companies in the US testified before Congress, and a host of quarterly corporate earnings results continued to flow.
The Federal Reserve held interest rates steady in a decision announced yesterday that came along with a tepid outlook on the economy. In a move widely expected, the central bank kept its benchmark overnight lending rate anchored near zero, where it has been since March. Along with keeping rates low, the Federal Open Market Committee, which sets monetary policy, expressed its commitment to maintain its bond purchases and the array of lending and liquidity programs.
The busiest week of the earnings season continued, with General Electric and Boeing releasing their latest quarterly figures. GE reported stronger than forecast revenue numbers but a wider-than-expected loss. Shares of the industrial giant fell 4.4%. Boeing also posted a wider-than-expected loss on their quarter and their stock slid 3%.
Pending home sales continued to climb in June, rising 16.6% monthly since May, and increasing 6.3% since June 2019, according to the National Association of Realtors. It's the second straight month of increases in contract activity.
With Northwest Quadrant Wealth Management, I'm Tyler Simones.