Dow’s climb toward 48,000 closing level is thwarted as Fed’s Powell pushes back on December rate cut
Update: 2025-10-30
Description
Federal Reserve's Cautious Stance Sends Markets Mixed SignalsOn October twenty-ninth, the stock market experienced a rollercoaster ride, with the Dow Jones Industrial Average briefly surpassing forty-eight thousand before the Federal Reserve's press conference. The central bank delivered a quarter-point rate cut and announced the end of quantitative tightening in December. However, Federal Reserve Chair Jerome Powell's caution about another rate cut in December sent all three major stock indexes lower, except for the Nasdaq Composite, which reached another record high. The rise in Treasury yields, following Powell's comments, dampened hopes for lower mortgage rates and a boost to the housing market. Despite the rate cut, investors and home buyers were left guessing about the market's future direction in December.
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