US stocks treads water after dovish Fed policy statement

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US stocks treads water after dovish Fed policy statement

On Wednesday, the 29th of January 2020, Wall St. rounded off the day mostly unchanged following a policy announcement from the US Federal Reserve which eventually simmered the outlook of US stocks, while the benchmark Standard & Poor 500 inched lower as a solid start-off of the day following buoyant quarterly earnings’ report from Boeing Co., Apple Inc.

alongside General Electric, had witnessed a rapid turnaround after US midday trading hours. In point of fact, initially investors showed little response to Fed’s policy meeting, but following a news conference held by the Fed Chair Jerome Powell what could not reveal any guidance on Central Bank’s balance sheet amid rising corporate debts and cited uncertainties on economic outlook alongside potential financial impacts of coronavirus outbreak, US stocks quickly lost grounds , while Dow and Nasdaq had just about managed to stay in the green-zone, but S&P ended the day in the reds.

Besides, as a widely anticipated Fed hint to keep the interest rates steady until at least end-2020 had also weighed on investors’ sentiments, a portfolio manager at F. L. Putnam Investment Management in Wellesley, Massachusetts, Ellen Hazen said on Wednesday’s (January 29th) Wall St.

wind down, “I don’t mean to minimize the human impact of the virus but what is more concerning to me is not that the market has not responded to the virus but rather that it was up so strongly in the first 2-1/2 weeks of January after a very, very strong 2019.

” Citing statistics, on Wednesday’s (January 29th) Wall St. closure, Dow posted marginal gain to wrap up the day at 28,734.45 and benchmark Standard & Poor 500 shed 0.09 per cent to 3,273.4, while Nasdaq rose by 0.06 per cent to wind down Wednesday’s (January 29th) market at 9,275.16.