Fed Announcement Generates Little Reaction On Wall StreetFed Announcement Generates Little Reaction On Wall Street
The Fed's decision to leave interest rates unchanged for now but leave the door open for future hikes left investors cautious.
May 4, 2004
Technology investors apparently were happier than most others Tuesday after the Federal Reserve left the federal funds rate unchanged at its 46-year low of 1%, but didn't hide its intentions of raising rates soon. A statement from the Fed said that because of low inflation and slack use of resources, a move toward higher rates could be pursued at a "measured" pace.
Stocks spiked briefly after the Fed's announcement, but the rally quickly faded as the bank's comments, while soothing, were viewed as no real surprise. Our InformationWeek 100 was the big gainer for the day, up 4.31 points, or 1.4%, to 312.22. The Nasdaq composite index rose 11.76 points, or 0.6%, to end the day at 1,950.48. The S&P 500 rose 2.06 points, or 0.2%, to 1,119.55. The Dow industrials remained essentially flat, rising just 3.20 points, or 0.03%, to 10,317.20 after being up more than 68 points earlier in the day. The Nasdaq-100 tracking stock was up 15 cents to $35.25 on higher-than-average volume of nearly 126 million shares. See the full listing of all the companies in the InformationWeek 100 and the top 5 percentage winners and losers for the last closing at informationweek.com/stocks.
About the Author(s)
You May Also Like
Oct 2023 Threat Horizons Report
Processing principles under the GDPR, CCPA, and the EU-US DPF
Success at the Edge
Solution Brief: Fortinet FortiFlex Delivers Usage-Based Security Licensing That Moves at the Speed of Digital Acceleration
Checklist: Top 6 Considerations to Optimize Your Digital Acceleration Security Spend