BUSINESS Wall Street moves higher after Fed decision

BUSINESS

Wall Street moves higher after Fed decision

Reuters

05:53, May 03, 2018

image.png

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, US, May 2, 2018.  (Photo: Reuters)

US stocks edged higher on Wednesday after the Federal Reserve released its policy announcement, leaving interest rates unchanged.In its announcement, the US central bank expressed a confident economic outlook, saying that activity had expanded at a moderate rate and that inflation was nearing its 2-percent target. The Fed unanimously decided to keep its lending rate in a target range of between 1.50 percent and 1.75 percent. It is expected to increase rates in June.The Fed’s announcement assuaged investors’ concerns about the possibility of accelerated interest-rate increases as rising materials costs for companies have signaled a pickup in inflation.

unexpected hike,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

The Dow Jones Industrial Average .DJI rose 38.48 points, or 0.16 percent, to 24,137.53, the S&P 500 .SPX gained 1.63 points, or 0.06 percent, to 2,656.43 and the Nasdaq Composite .IXIC added 29.18 points, or 0.41 percent, to 7,159.88.

Advancing issues outnumbered declining ones on the NYSE by a 1.61-to-1 ratio; on Nasdaq, a 2.11-to-1 ratio favored advancers.

The S&P 500 posted 13 new 52-week highs and 19 new lows; the Nasdaq Composite recorded 74 new highs and 40 new lows.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue