Markets Rise After Fed Statement
Markets rose Wednesday, hitting session highs following the Federal Reserve's statement at 2 p.m. eastern. The Fed announced the vote was unanimous to leave interest rates at virtually zero, but that labor and overall economic conditions are improving - so we're on track for an interest rate hike this year. The markets did not retreat, in fact, the Dow ended the day up 121 points in its fifth straight triple digit move.
I spoke with Fed insider Jon Hilsenrath from the Wall Street Journal. The Fed has hinted we might see a rate hike in September, but Jon says don't get your heart set on that month.
Oil settled higher for a second day, its first back-to-back gains in more than a month. Oil gained 1.69% to settle at $48.79 per barrel after weekly inventories showed a bigger-than-expected draw down.
Facebook fell after hours after reporting second quarter earnings Wednesday afternoon, despite beating on both the top and bottom line. The fall could be attributed to costs rising 82% from a year ago.