Sunday, April 11, 2021
HS News
  • Home
  • US
  • International
  • Tech
  • Fashion
  • Business
  • Health
  • Sports
  • MR Tv
No Result
View All Result
HS News
Home Business

Dow closes above 33,000 for 1st time after Fed’s upbeat projections

admin by admin
March 18, 2021
in Business
0
Dow closes above 33,000 for 1st time after Fed’s upbeat projections
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter



The S&P 500 and Dow Jones Industrial Average closed at record highs on Wednesday after the Fed predicted a fast economic recovery from the coronavirus pandemic and said it would maintain its interest rate at close to zero.

It was the first time the Dow closed above 33,000 points.

In its statement following its two-day policy meeting, the Federal Reserve projected a rapid jump in US economic growth and inflation this year as the COVID-19 crisis winds down, and repeated its pledge to keep its target interest rate near zero for years to come.

Wall Street extended gains after Fed Chair Jerome Powell said during a news conference that it is too early to discuss tapering-off measures to support the struggling economy.

“The Fed statement today was more optimistic than some expected, they raised their outlook for both economic growth and the labor market. The market’s view of the statement is that it was fairly optimistic,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.

A $1.9 trillion spending stimulus and the rollout of vaccines have fueled a rotation into so-called value stocks that are viewed as likely to outperform as the economy recovers from the coronavirus pandemic.

At the same time, worries that the stimulus could overheat the economy and lead to higher inflation rates have triggered a strong rise in long-duration Treasury yields and made technology and other growth stocks less attractive.

Following the Fed’s statement, the yield on 10-year Treasuries ticked lower to 1.6374 percent.

The Dow Jones Industrial Average rose 0.58 percent to end at 33,015.37 points, while the S&P 500 gained 0.29 percent to 3,974.12.

The Nasdaq Composite climbed 0.4 percent to 13,525.20. The Nasdaq remains down about 4 percent from its Feb. 12 record-high close.

Amazon rose 1.4 percent and Tesla added 3.7 percent, with the two companies giving the greatest lift to the S&P 500.

Six out of 11 S&P 500 sector indexes rose, with industrials and consumer discretionary the strongest performers and both up over 1 percent.

McDonald’s gained 1.9 percent after Deutsche Bank raised its target price on the stock and also upgraded its recommendation to “buy” from “hold.”

Advancing issues outnumbered declining ones on the NYSE by a 1.33-to-1 ratio; on Nasdaq, a 1.46-to-1 ratio favored advancers.

The S&P 500 posted 44 new 52-week highs and no new lows; the Nasdaq Composite recorded 124 new highs and 18 new lows.

Volume on US exchanges was 11.9 billion shares, compared with the 14.2 billion average for the full session over the last 20 trading days.



Source link

Related posts

Egypt may have lost $1 billion from Suez Canal blockage

Egypt may have lost $1 billion from Suez Canal blockage

April 3, 2021
Kimberly-Clark, Kleenex and Cottonelle maker, raises prices

Kimberly-Clark, Kleenex and Cottonelle maker, raises prices

April 3, 2021
Previous Post

Climate czar John Kerry caught going maskless on flight

Next Post

As Biden and Xi Begin a Careful Dance, a New American Policy Takes Shape

Next Post
As Biden and Xi Begin a Careful Dance, a New American Policy Takes Shape

As Biden and Xi Begin a Careful Dance, a New American Policy Takes Shape

RECOMMENDED NEWS

Biden broke the border and other commentary

Biden broke the border and other commentary

1 month ago
Couple busted for explicit oral sex romp in Florida

Couple busted for explicit oral sex romp in Florida

3 weeks ago
Biden, Champion of Middle Class, Comes to Aid the Poor

Biden, Champion of Middle Class, Comes to Aid the Poor

1 month ago
Medical Marijuana Is Not Regulated as Most Medicines Are

Medical Marijuana Is Not Regulated as Most Medicines Are

1 month ago

FOLLOW US

  • 85 Followers

BROWSE BY CATEGORIES

  • Business
  • Culture
  • Lifestyle
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Travel
  • Uncategorized

BROWSE BY TOPICS

2018 League Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan Istana Negara Market Stories National Exam Visit Bali

POPULAR NEWS

  • Biden can’t defend China’s abuse of Uighurs as another ‘norm’

    Biden can’t defend China’s abuse of Uighurs as another ‘norm’

    0 shares
    Share 0 Tweet 0
  • Entire school board resigns after members get caught mocking parents

    0 shares
    Share 0 Tweet 0
  • Rupert Neve, the Father of Modern Studio Recording, Dies at 94

    0 shares
    Share 0 Tweet 0
  • 1 in 5 Americans lost loved one to COVID-19: poll

    0 shares
    Share 0 Tweet 0
  • Ken Griffin blasts ‘insane conspiracy theory’ that he helped tank ‘Reddit Rally’

    0 shares
    Share 0 Tweet 0
HS News

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc.

Follow us on social media:

Recent News

  • Georgia’s Election Law, and Why Turnout Isn’t Easy to Turn Off
  • Is Biden Missing His Chance on Guns?
  • One Republican’s Lonely Fight Against a Flood of Disinformation

Category

  • Business
  • Culture
  • Lifestyle
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Travel
  • Uncategorized

Recent News

Georgia’s Election Law, and Why Turnout Isn’t Easy to Turn Off

Georgia’s Election Law, and Why Turnout Isn’t Easy to Turn Off

April 3, 2021
Is Biden Missing His Chance on Guns?

Is Biden Missing His Chance on Guns?

April 3, 2021
  • About
  • Team Members
  • Contact
  • Cookie Policy
  • Editorial Policy
  • Privacy Policy

©️ 2021 Haciendadelsalitre. Powered by BritMedia360

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

©️ 2021 Haciendadelsalitre. Powered by BritMedia360