Everything is going up after Wednesday's Fed decision except one thing
Selling on Thursday has the US Dollar Index lower by 0.58% at 95.10 and on track for its lowest close in over a week. Thursday's slide follows the Fed's decision to keep policy on hold on Wednesday while signaling that "the case for an increase in the federal funds rate has strengthened."
Meanwhile, the major US stock market averages are climbing. Gains are paced by the Dow Jones Industrial Average, which is higher by 0.7%, while the S&P 500 and Nasdaq lag slightly with respective gains of 0.6% and 0.5%. Thursday's bid has run the tech-heavy Nasdaq above 5325.00 for the first time on record.
Real estate investment trusts are seeing significant outperformance, with the sector as a whole sporting a gain of 1.44%. Within the space, Host Hotels & Resorts is the top performer, up 2.38%.
West Texas Intermediate crude oil is higher for a fourth straight session as an unexpected drop in both American Petroleum Institute and Department of Energy inventory levels and continued talk of progress towards an OPEC production freeze coupled with the Fed's decision to keep policy on hold has action higher by 1.72% at $46.13 per barrel.
Metals are also moving higher. Spot gold has reversed earlier losses and is up 0.28% near $1339 per ounce. Additionally, copper is at a one-month high of $219.40 per pound.
And the buying does not stop there. A modest bid across the Treasury complex has the 10-year yield lower by 3 basis points at 1.62%.