US stocks opened Thursday in the green as investors digested another rate hike from the Federal Reserve, better-than-expected GDP numbers for the second quarter, and prospects of a historic win-streak for the Dow Jones Industrial Average.
On Wednesday, policymakers announced a 25 basis-point rate hike, bringing the federal funds rate to a range of 5.25%-5.5% range. According to CME's FedWatch Tool, traders largely expect this to be the final adjustment of the year. Jerome Powell said that the central bank no longer expects a recession for the US economy. To that point, second-quarter gross domestic product clocked in higher than expected. Over the last three months, GDP, the sum of all goods and services activity, increased 2.4% annually, better than the consensus 2% Dow Jones estimate.
Meanwhile, should the Dow Jones Industrial Average stay positive through Thursday trading, it would mark the 14th consecutive winning day — the longest streak since 1897, per CNBC.
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