Equities end flat but Dow ekes out record in strong week
After notching their biggest daily percentage gains since mid-August, major averages were subdued for most of the session, but managed to secure weekly gains of at least 1%.
Stocks briefly had pared losses after comments from Fed Governor Christopher Waller increased expectations the central bank will cut interest rates by 50 basis points at its November meeting, having just cut by 50 bps on Wednesday.
Fellow Governor Michelle Bowman, however, maintained that a smaller Fed cut this week would have been preferred.
«The market is still trying to recalibrate because, yes, there were some market participants that may have expected 50 basis points but a lot of people didn't,» said Sid Vaidya, U.S. chief wealth strategist at TD Wealth in New York.
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