Wall Street ends after the Fed’s “minutes”

Wall Street ends after the Fed's "minutes"


by Stephen Culp

NEW YORK (Reuters) – The New York Stock Exchange ended on Wednesday following the publication of the minutes of the last Federal Reserve (Fed) meeting on monetary policy, which showed that its leaders estimated that the US economy was very strong as it tried to control inflation without would cause a recession.

The Dow Jones Industrial Average gained 0.60%, or 191.66 points, to 32,120.28 points.

The broader S & P-500 gained 37.25 points, or 0.95%, to 3,978.73 points.

The Nasdaq Composite Index rose 170.29 points (1.51%) to 11,434.74 points.

The “minutes” of the Fed meeting earlier this month, which decided to raise interest rates by half a point, suggest that most US central bank officials decided that further rate increases would be “likely to be appropriate” in June and July.

According to Ross Mayfield, a strategist at Baird in Louisville, Kentucky, “consensus is a good thing.” “There is no uncertainty about what needs to be done in the short term,” he said.

“By September, the (Fed) will have a lot of economic data to decide how to move forward, so it will continue to hold options,” he added.

All three major Wall Street indices had a jerky session, amid indicators, economic data and quarterly results suggesting a slowdown in the US economy, although the Fed could deal a blow, another brake on halting rising inflation.

Although price increases appear to have bottomed out in March, there are growing concerns in the markets that the Fed’s very aggressive inflation policy is pushing the US economy into recession.

The US Department of Commerce will release a second reading of data on US economic growth in the first quarter on Thursday. The first estimate projected an unexpected decline of 1.4% in the United States’ gross domestic product (GDP) between January and March.

Nine of the eleven major sectors of the S & P-500 index ended in the green.

On the equity side, Tesla and Amazon recorded gains of 2.6% and 4.9%, respectively, and contributed to the growth of the S&P-500 and Nasdaq.

Nordstrom jumped 14% after raising its full-year sales and profit forecast.

(French version of Jean Terzian)


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