https://sputnikglobe.com/20231102/dow-jones-surges-over-550-points-after-fed-leaves-interest-rates-unchanged-1114675302.html
Dow Jones Surges Over 550 Points After Fed Leaves Interest Rates Unchanged
Dow Jones Surges Over 550 Points After Fed Leaves Interest Rates Unchanged
Sputnik International
The US Federal Reserve earlier opted not to raise interest rates despite growing inflation concerns, a move that marked the fourth such time the central bank... 02.11.2023, Sputnik International
2023-11-02T20:02+0000
2023-11-02T20:02+0000
2023-11-02T20:34+0000
economy
dow jones industrials average index
us stocks
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US stocks skyrocketed into green territory on Thursday as investors moved to bet the Federal Reserve was just about done increasing interest rates any further for the year.At closing bell, the Dow Jones Industrial Average index closed at 564.50 points higher (1.70%) while the S&P500 reported a spike of 79.92 points (1.89%), indices of which are both on track for their biggest weekly gains of the year. The Nasdaq Composite surged by 232.72 points (1.78).The US Treasury yields, which topped 5% in October, have since plummeted, with the 10-year yield dropping by about 4.669%.The Federal Reserve earlier Thursday received data revealing that labor costs were trending down, all while slightly higher jobless claims suggested the economic slowdown desired by the central bank was on the horizon. Additionally, findings by the CME Group's FedWatch Tool determined there was only a 14.6% chance interest rates would be raised.Focus for investors is now shifting toward the looming jobs report, which is expected to release on Friday. Forecasts suggest the data will show the makings of a strong employment growth.Shortly after announcing no interest rate changes on Wednesday, Federal Reserve Chairman Jerome Powell reiterated that it remained unclear as to whether the bank would raise rate at its next meeting. In the last year, as a means to combat inflation that surpassed 9%, the agency repeatedly raised rates at its fastest pace in over 20 years.
https://sputnikglobe.com/20231101/federal-reserve-leaves-us-interest-rates-unchanged-at-22-year-high-1114649386.html
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dow jones industrials average index, us stocks, federal reserve, us, interest rates
dow jones industrials average index, us stocks, federal reserve, us, interest rates
Dow Jones Surges Over 550 Points After Fed Leaves Interest Rates Unchanged
20:02 GMT 02.11.2023 (Updated: 20:34 GMT 02.11.2023) The US Federal Reserve earlier opted not to raise interest rates despite growing inflation concerns, a move that marked the fourth such time the central bank sided with maintaining rates kept since July.
US stocks skyrocketed into green territory on Thursday as investors moved to bet the Federal Reserve was just about done increasing interest rates any further for the year.
At closing bell, the Dow Jones Industrial Average index closed at 564.50 points higher (1.70%) while the S&P500 reported a spike of 79.92 points (1.89%), indices of which are both on track for their biggest weekly gains of the year. The Nasdaq Composite surged by 232.72 points (1.78).
The US Treasury yields, which topped 5% in October, have since plummeted, with the 10-year yield dropping by about 4.669%.
“While earnings season wasn’t as good as it could have been, with lots of cuts in fourth-quarter estimates, the soft landing narrative is fully in charge, the seasonal rally is arriving right on queue, and the market is once again demonstrating its ability to shrug off what appears to be daunting geopolitical risks," Louis Navellier, of Navellier & Associates, told US media.
The Federal Reserve earlier Thursday received data revealing that labor costs were trending down, all while slightly higher jobless claims suggested the economic slowdown desired by the central bank was on the horizon. Additionally, findings by the CME Group's FedWatch Tool determined there was only a 14.6% chance interest rates would be raised.
1 November 2023, 18:34 GMT
Focus for investors is now shifting toward the looming jobs report, which is expected to release on Friday. Forecasts suggest the data will show the makings of a strong employment growth.
Shortly after announcing no interest rate changes on Wednesday, Federal Reserve Chairman Jerome Powell reiterated that it remained unclear as to whether the bank would raise rate at its next meeting. In the last year, as a means to combat inflation that surpassed 9%, the agency repeatedly raised rates at its fastest pace in over 20 years.
