Amazon, Netflix Gains Help Lead a Strong Day for the MarketAmazon and Netflix stock prices just keep climbing.
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Stock prices soared after encouraging words from Federal Reserve Chairman Jerome Powell today.
In comments at a luncheon in New York, the Fed Chairman said that the central bank's benchmark Fed Funds rate -- currently at a range of 2.0 percent to 2.25 percent -- was now "just below neutral." Neutral is considered an interest rate level that neither stimulates nor restricts economic growth and is presumably a target rate for the Fed at this point.
That's a major shift from his comments at the beginning of October, when he said that rates were still "a long way from neutral." Investors are hoping it means the Fed will either not raise rates as expected next month and/or reduce the number of rate hikes it planned to make next year.
Stock prices spiked shortly after Powell began his speech at noon, with strength across all segments of the market. TheEntrepreneur Index™closed the day up 3.17 percent, with only four of 60 stocks in the red. The Dow Jones Industrials index surged 617 points (2.5 percent), while the S&P 500 and Nasdaq composite indexes were up 2.3 percent and 2.95 percent respectively.
Thetechnologysector had some of the largest gains of the day, withsalesforce.comup 10.24 percent--the biggest jump on the Entrepreneur Index™.Adobe Systems Inc.also rose 7.3 percent.Amazonwas up 6.09 percent andNetflixclosed the day 6.01 percent higher.Facebookwas the weakest of the so-called FANG stocks, rising 1.3 percent.
RetailersCostco Wholesale Corp.(3.29 percent) andWalmart(2.55 percent) and were both up sharply, while discount retailerDollar Tree Inc.was up 1.83 percent.
Under Armour Inc.was up 5.55 percent -- the biggest gain on the index outside the tech sector. The athletic apparel maker reported blow-out earnings at the end of last month and has been on a tear of late. The stock is up 62 percent so far this year. After big gains in the last two days,L Brandswas up a more modest 1.78 percent today.Gap Inc.was up 2.53 percent.
Other prominent gains on the index today includedNVIDIACorp. (4.12 percent),Alphabet Inc.(4.0 percent),Boston Scientific Corp.(3.94 percent),Chipotle Mexican Grill(3.61 percent) andVerisign Inc.(3.35%)。
While most of the market was up smartly,J.M. Smucker Companywas clobbered after it reported disappointing financial results this morning. The stock was down 7.24 percent, the biggest decline by far on the Entrepreneur Index™ today. The food-maker missed badly on earnings estimates, was shy of revenue targets, and lowered guidance for its full-year outlook. Fellow food-makerTyson Foods(-2.31 percent) was also down sharply.
The only other two stocks on the Entrepreneur Index™ that declined today wereRalph Lauren Corp.(-0.07 percent) andWynn Resorts(-0.03 percent).
TheEntrepreneur Index™收集前60上市公司但书ded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time onEntrepreneur.com.
