On Thursday, all three key indices of Wall St. gained across the board with trade-sensitive Dow wrapping up the session just a notch shy of 1.5 per cent following a robust bounce back in value stocks, as investors’ angsts seemed to be easing up to some extent following Wednesday’s US Federal Reserve policy statement that said the US Fed would begin to taper its fiscal support for the economy in a near-term, if current momentums in US job growth would persist.
Aside from that, a US FDA (Food & Drug Administration) decision to authorize a Pfizer-BioNTech booster jab for the people who are 65 and older, had ramped up market optimism, while upbeat outlooks from Salesforce alongside Accenture had boosted up appetites for riskier assets.
On top of that, US Labour Department said in statement earlier in the day that US jobless claims rose unexpectedly to a seasonally adjusted 351,000 last week, while US ELFA (Equipment Leasing and Financing Association) had said that US business borrowings tumbled 14 per cent in August compared to a month earlier, eventually tempering the US Fed’s bond tapering timeline.
Wall St. ends more than 1.0 per cent higher as investor revaluate Fed signal
Citing statistics, in the day’s Wall Street wind-down, trade-sensitive Dow gained 1.48 per cent to 34,764.82 and benchmark S&P 500 rose 1.21 per cent to 4,448.98, while tech-heavy Nasdaq climbed 1.04 per cent to 15,052.24.
Meanwhile, addressing to a sigh of relief among investors who had been at their toes over uncertainties regarding US Federal Reserve policy statement, a chief investment strategist at Inverness Counsel in New York, Tim Ghriskey said, “This is a follow-on rally from a very good Fed meeting.
To me that showed there were no surprises and things were as expected. Any Fed rate hike is still quite a ways off and so much can change between now and then”