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The Fed is done cutting interest rates for the rest of the year, according to Ed Yardeni. Fears of a recession have been almost completely eliminated, the market vet said in a note. The no-show Fed-triggered recession will remain a no-show, especially now that the Fed has started to lower the FFR even though it isn't warranted by the performance of the economy," Yardeni wrote. I think it broadens out from the Magnificent Seven to the S&P 493," Yardeni added, speaking to Bloomberg on Monday. "We're going to have another quarter where I think earnings will go to a record-high in the third quarter."
Persons: Ed Yardeni, Yardeni, , landers, they're Organizations: Service, Reserve, Yardeni, Bureau of Labor Statistics, Services, Institution of Supply Management, Atlanta Fed, Fed, Bloomberg, Investor
The Dow more than 500 points as traders flinched at new data that made a case for the Fed to stay hawkish. ISM services sector data for November turned higher, and factory orders increased in October. Survey data from the Institution of Supply Management showed that services sector activity picked up last month, with a reading of 56.5, up from 54.4 in October. Meanwhile, data from the Commerce Department showed that factory orders were up 1% in October, beating expectations for an increase of 0.7%. Here's where US indexes stood after the 4 p.m. closing bell on Monday:Here's what else happened today:In commodities, bonds, and crypto:
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