{"id":106318,"date":"2019-09-18T23:09:21","date_gmt":"2019-09-18T23:09:21","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=106318"},"modified":"2019-09-19T15:21:23","modified_gmt":"2019-09-19T15:21:23","slug":"106318-2","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/106318-2\/","title":{"rendered":"Daily Market Update : U.S. Fed Followed Script"},"content":{"rendered":"<p>The U.S. Fed followed script yesterday and cut interest rates by 25 basis points. American indices took the news calmly, closing only 0.20-o.25% lower. Investors like Gordon Reid were relieved to hear Fed Chair Jerome Powell vow to not cut rates to zero. However, a bigger surprise was how American bank stocks went <em>up, <\/em>not down which usually happens when rates are cut which threaten bank profit margins.<\/p>\n<p><a href=\"https:\/\/stockchase.com\/BAC-N\">Bank of America<\/a> closed yesterday up 0.71% at $1,474.40. Similarly, <a href=\"https:\/\/stockchase.com\/WFC-N\">Wells Fargo<\/a> Fargo spiked at 3:10 pm after Powell&#8217;s remarks to close 0.41% higher at $1,460. <a href=\"https:\/\/stockchase.com\/search\/?q=Citigroup\">Citigroup<\/a> enjoyed a 0.88% rise to $70.09. However, <a href=\"https:\/\/stockchase.com\/JPM-N\">JP Morgan<\/a> fared the best, spiking 1% to $119.76. In fact, the U.S. banks have been on a tear since Labour Day, with JPM-N soaring over 10% compared to 3.5% for the NYSE. The banks are defying gravity, but will it last?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Fed followed script yesterday and cut interest rates by 25 basis points. American indices took the news calmly, closing only 0.20-o.25% lower. Investors like Gordon Reid were relieved to hear Fed Chair Jerome Powell vow to not cut [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":86526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"No","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[178],"tags":[207,157,210,202,70,203,209,208],"class_list":["post-106318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily","tag-america","tag-banks","tag-financing","tag-interest-rates","tag-investing","tag-jerome-powell","tag-nyse","tag-us-fed"],"wppr_data":{"cwp_meta_box_check":"No"},"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/106318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=106318"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/106318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/86526"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=106318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=106318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=106318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}