U.S. equities rallied to all-time highs on Wednesday after the Federal Reserve announced that it would not begin tapering its bond purchases. The Dow Jones Industrial Average soared to 15,676.94, while the S&P 500 rose to 1725.52 – both record closing highs. Following the FOMC meeting, the Fed stated that “The tightening of financial conditions observed in recent months, if sustained, could slow the pace of improvement in the economy and labor market. The [Fed] decided to await more evidence that progress will be sustained before adjusting the pace of its purchases.” In other economic news, initial jobless claims rose to 309,00 in the latest week – a rise from the previously recorded 294,000 figure, but below expectations of an increase to 330,000 [see The Best (And Worst) Performing ETFs For Every Quarter].
Below, we highlight seven insightful articles circulating around the financial space this week:
- What’s holding the Fed back? (The Economist)
- Market performance under various Fed Chairman (Think B.I.G.)
- Pricing the Twitter IPO (Musings On Markets)
- Bond market on track for its worst year in four decades (Quartz)
- Muni Investors Beware: Chicago’s fiscal crisis (Financial Sense)
- The great 2013 gold heist (SRSrocco Report)
- Best first 3 quarters in S&P 500 history (Avondale Asset Management)
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Disclosure: No positions at time of writing.