Big-stock NASDAQ names powered the NASDAQ Composite Index to higher highs as we started the trading week. Monday saw all the major market indexes post their highest highs since the Christmas Eve lows, but the NYSE-based Dow Jones Industrials and S&P 500 Indexes closed negative yesterday on higher volume. Meanwhile, the NASDAQ stalled on higher volume, and then today did the same on slightly higher volume again.
All the swinging about today was due to the Fed, which released its latest policy announcement, and, as expected, they did nothing. They did, however, indicate that no further interest rates would be coming in 2019, and that they had downgraded their economic outlook. The market took this as a Fed that had become incrementally more dovish, sending the indexes rallying initially.
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