CHICAGO (CBS) — Stocks traded sharply higher on Thursday as investors sifted through a host of economic data and have had time to fully digest the latest non-move by the Federal Reserve.
The S&P 500 gained 14, the NASDAQ added 44, and the Dow Jones Industrial Average closed up nearly 99 points, settling to 18,392.
“Markets are basically getting an all-clear sign to buy stocks, meaning that the Fed is not going to disrupt that party until maybe at the end of the year. So far the track record with this Fed has been to fade them every time they say they are going to raise rates because they just keep avoiding it and putting it off in the future,” said Andrew Busch, Editor of the Busch Update in Chicago.
He adds uncertainty surrounding the presidential election race has led to the recent upturn in financial market volatility.