The US markets ended sharply higher on Thursday. The major averages all showed strong moves to the upside, with the Dow and the S&P 500 reaching new record closing highs. The rally on markets came as traders continued to digest the Federal Reserve's decision on Wednesday to slash interest rates by half a percentage point. With the Fed saying officials have gained greater confidence inflation is moving sustainably toward its 2 percent target, the central bank lowered the target range for the federal funds rate by 50 basis points to 4.75 to 5.00 percent. The Fed was almost universally expected to cut rates for the first time since March 2020, but there was some debate over whether it would lower rates by 25 or 50 basis points. Adding to the optimism about the economy, the Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly fell to a nearly four-month low in the week ended September 14th.
The report said initial jobless claims slid to 219,000, a decrease of 12,000 from the previous week's revised level of 231,000. Street had expected jobless claims to come in unchanged compared to the 230,000 originally reported for the previous week. on the sectoral front, Semiconductor stocks turned in some of the market's best performances on the day, with the Philadelphia Semiconductor Index soaring by 4.3 percent. Substantial strength was also visible among steel stocks, as reflected by the 3.5 percent spike by the NYSE Arca Steel Index. The index ended the day at its best closing level in over a month. Networking stocks also showed a significant move to the upside, driving the NYSE Arca Networking Index up by 3.1 percent to a record closing high.
Dow Jones Industrial Average rose 522.09 points or 1.26 percent to 42,025.19, Nasdaq gained 440.68 points or 2.51 percent to 18,013.98 and S&P 500 was up by 95.38 points or 1.7 percent to 5,713.64.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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