Wall Street ends higher as Fed holds key rate steady
All three major US stock indexes oscillated following the decision and throughout Fed chair Kevin Warsh's subsequent press conference.
On Wednesday, major US stock indexes experienced an upward trend following the Federal Reserve's decision to maintain its key policy rate. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all posted gains. The Fed's chair, Kevin Warsh, stated that the central bank is prepared to act if necessary, despite the lack of any unexpected moves.
Market analysts noted that investors are increasingly confident in rate hikes by the December meeting, with CME's FedWatch tool indicating an 85.0% likelihood, up from 78.3% the previous day. The upcoming Thursday inflation data and GDP report will likely influence rate hike forecasts. Despite the steady performance, tech stocks saw mixed results, with Microsoft up over 4% and Alphabet down more than 7% after its earnings report.
Oil prices also surged due to Iranian Houthi attacks on a Saudi Arabian refinery, adding to inflation concerns.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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