US equity close: Big Fed cut can’t fuel an 8th day of gains

The Fed delivered a big cut but it was a case of ‘sell the fact’ as equities couldn’t keep the winning streak going.

I think at the end of the day, you have a ‘Fed put’ now and that wins out but we could see a squeeze tomorrow.

• S&P 500 -0.2%
• Nasdaq Comp -0.2%
• DJIA -0.2%
• Russell 2000 +0.3%
• Toronto TSX Comp -0.2%

The big problem coming into the decision was that stocks were riding a 7-day rally and right up against the all-time highs. As I noted, that’s a tough hand to deal the FOMC.

This article was written by Adam Button at www.forexlive.com.