Denver, Colorado 2021-09-22 13:32:14 –
By DAMIAN J. TROISE and ALEX VEIGA
Wall Street shares rose sharply on Wednesday, ahead of the latest information on how and when the Federal Reserve Board will begin easing extraordinary support for the economy.
The S & P 500 rose 1% at 1:17 pm Eastern Standard Time. The Dow Jones Industrial Average rose 367 points (1.1%) to 34,287, while the Nasdaq rose 0.8%.
The rise within the S & P 500 is widespread, and if it is maintained, it could break the index’s four-day streak. Over 90% of index stocks have risen. Banks and tech companies led the profits. The telecommunications company has fallen behind the market.
Small stocks worked better than the wider market. Russell 2000 rose 1.5%.
Yields on 10-year government bonds were stable at 1.32%. Crude oil prices rose 2.2%.
Netflix surged 3.4% after streaming entertainment services acquired the work of the late British author Roald Dahl, a well-known children’s book such as “Charlie and the Chocolate Factory.”
Facebook fell 4.2%, curbing the rise in telecommunications stocks. FedEx fell 8.7%, the largest decline in S & P 500 shares, after reporting significantly higher costs despite increased transportation demand. Due to the mix of labor and supply chain issues, different industrial and other companies are dealing with higher costs.
The main focus of investors on Wednesday is the Fed’s statement on interest rate policy. Central banks have been buying bonds to maintain low interest rates since the pandemic caused the economy to decline 18 months ago. It suggests that they will eventually reduce their purchases, but the breadth and timing is still unknown.
Wall Street has sought to measure how a slowdown in economic recovery will affect the Fed’s decision-making process. The broader market is volatile as the question prolongs as the number of cases of COVID-19 increases due to the highly contagious delta mutant.
Investors are also concerned about Chinese real estate developers with large debts and the damage they could suffer if they default and have a spillover effect on the market. Evergrande, one of China’s largest private sector conglomerates, said it plans to make payments on Thursday, which could alleviate some of these concerns.
Most European markets were high and Asian markets were mixed. The Korean and Hong Kong markets have been closed due to holidays.
Stocks rise broadly on Wall Street ahead of Fed statement – The Denver Post Source link Stocks rise broadly on Wall Street ahead of Fed statement – The Denver Post