The markets shot higher to start the day following a strong performance from Apple and Boeing. By the afternoon, the Federal Reserve made their announcement that they would keep rates unchanged and take a "Wait and See" approach, which further fueled the markets rally. By the close the Dow 30 added 435, closing above 25,000. The S&P 500 gained 41 on the day and the Nasdaq 100 added 154.
Sector News
Crude Oil broke above the $54 technical resistance area today as the weekly inventory report showed another rise in US stockpiles along with continued momentum from the Venezuela sanctions. The $54 area has been a sticking point over the last two months.
Reit's continued their impressive move back towards highs today. The sector has been the fastest-recovering sector of all with its 15% rally in only 35 days. At this pace, it looks like it will be the first sector to recover all of its losses from the end of 2018.
Stock News
Boeing (NYSE: BA) shares shot back to highs today as the company reported a strong earnings beat ($5.48 vs. $4.57) and revenue that soared to over $100 billion for the first time. The company also gave a picture-perfect outlook for 2019. The company announced they would speed up their 787 line to 14 jets a month to keep up with demand.
Apple (NASDAQ: AAPL) shares were higher following a beat on earnings and revenue. The company saw a record jump in services which is a big focus for the company. Chinese sales were lower by 27%, which was a notable weak spot for the report. Shares moved back to the 50-day moving average.
AMD (NYSE: AMD) shares shot higher today despite the company reporting earnings and revenue that were less than stellar. The company guided lower for the current quarter's revenue as they still are suffering from excess inventory thanks to slower sales. This was another example of investors shrugging off bad news.