The Federal Reserve refrained from hiking interest rates for a second straight month. While the central bank did not eliminate the possibility of future hikes, it kept interest rates unchanged between 5.25% and 5.5%, noting the economy is growing at a “solid pace”.Stocks rallied in response to the largely anticipated move. The Dow and Nasdaq added triple digits, with the former securing a third consecutive daily win after yesterday finishing October with a third-straight monthly loss. The S&P 500 also settled with a notable gain, while the Cboe Volatility Index (VIX) extended its losing streak for a third session
GOLD, OIL PRICES START NOVEMBER WITH LOSSES
Oil prices settled lower today, erasing earlier gains to mark a third-straight daily loss. A substantial increase to U.S. oil production weighed on the commodity. December-dated West Texas Intermediate (WTI) crude lost 58 cents, or 0.7%, to close at $80.44 a barrel.Gold prices finished firmly lower as well, as Wall Street unpacked the Fed’s interest rate decision. December-dated gold shed $6.80, or 0.3%, to close at $1,987.50 an ounce for the day. More By This Author:Wall Street On Track For Another Win Amid Interest Rate Buzz Wall Street Logs 3rd-Straight Monthly LossStocks Sporting Muted Losses As October Winds Down
