https://sputnikglobe.com/20210923/us-stocks-rally-for-2nd-day-as-federal-reserve-assures-care-over-stimulus-taper-1089351292.html
US Stocks Rally for 2nd Day as Federal Reserve Assures Care Over Stimulus Taper
US Stocks Rally for 2nd Day as Federal Reserve Assures Care Over Stimulus Taper
Sputnik International
NEW YORK (Sputnik) - Stocks on Wall Street rose broadly for a second straight day on Thursday, with the blue-chip S&P 500 index notching its best gain in two... 23.09.2021, Sputnik International
2021-09-23T22:52+0000
2021-09-23T22:52+0000
2021-09-23T22:51+0000
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All three of the major equity indexes on the New York Stock Exchange finished the day up more than 1%, extending Wednesday’s rebound that came after the market opened the week with one of the worst trading days of the year on concerns about contagion from the debt crisis at China’s biggest property developer Evergrande.The S&P 500, which groups the top 500 stocks on the New York Stocks Exchange, settled up 53.34 points, or 1.2%, at 4,449. It was index’s biggest one-day advance since July 20. The Dow Jones Industrial Average, comprising mostly industrial stocks, rose 506.6 points, or 1.5%, to close at 34,765.The technology-laced Nasdaq Composite Index, led by Big Tech names such as Facebook, Amazon, Apple, Netflix and Google, finished up 155 points, or 1%, at 15,052.Stocks rallied the past two sessions after the Federal Reserve said at the conclusion of its September policy meeting on Wednesday that it will extend stimulus support for the US economy beyond next year, if necessary. It also said it will exercise care in raising interest rates, which have been at near zero since the outbreak of the coronavirus pandemic in March 2020.The Federal Reserve says it will tentatively end its monthly stimulus program of $120 billion by mid-2022. The first rate since the pandemic is planned anytime between the end of next year and 2023.
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US Stocks Rally for 2nd Day as Federal Reserve Assures Care Over Stimulus Taper
NEW YORK (Sputnik) - Stocks on Wall Street rose broadly for a second straight day on Thursday, with the blue-chip S&P 500 index notching its best gain in two months, after the Federal Reserve assured investors of a soft landing for the US economy from the planned discontinuation of its stimulus and near-zero interest rates.
All three of the major equity indexes on the New York Stock Exchange finished the day up more than 1%, extending Wednesday’s rebound that came after the market opened the week with one of the worst trading days of the year on concerns about contagion from the debt crisis at China’s biggest property developer Evergrande.
The S&P 500, which groups the top 500 stocks on the New York Stocks Exchange, settled up 53.34 points, or 1.2%, at 4,449. It was index’s biggest one-day advance since July 20. The Dow Jones Industrial Average, comprising mostly industrial stocks, rose 506.6 points, or 1.5%, to close at 34,765.
The technology-laced Nasdaq Composite Index, led by Big Tech names such as Facebook, Amazon, Apple, Netflix and Google, finished up 155 points, or 1%, at 15,052.
Stocks rallied the past two sessions after the Federal Reserve said at the conclusion of its September policy meeting on Wednesday that it will extend stimulus support for the US economy beyond next year, if necessary. It also said it will exercise care in raising interest rates, which have been at near zero since the outbreak of the coronavirus pandemic in March 2020.
"There's been a lot to take in this week but investors appear very comfortable with what they're seeing, taking the Evergrande debacle and Fed tapering warnings in their stride," Craig Erlam, analyst at online trading platform OANDA, said.
"It's quite remarkable just how relaxed investors are with the situation. On the taper discussion, the reaction is probably a testament to the Fed's effective communication over a long period of time. While some may argue that taking this action during such an uncertain period is needlessly risky, they can't argue that the central bank hasn't been clear and consistent."
The Federal Reserve says it will tentatively end its monthly stimulus program of $120 billion by mid-2022. The first rate since the pandemic is planned anytime between the end of next year and 2023.
