Smaller-company stocks outpaced the broader market in a sign that investors were feeling confident about economic growth. Adobe rose 2.3% and Tesla rose 3.6% to a record high.Įnergy stocks fell as U.S.
Technology stocks and a mix of companies that rely directly on consumer spending accounted for a big slice of the S&P 500′s gains. Stocks mostly wobbled in the early going Wednesday ahead of the Fed statement as investors looked over another big batch of earnings reports from U.S.
The Labor Department will release its jobs report for October on Friday. The central bank and investors have also been closely monitoring the recovery in the employment market, which has been lagging the broader economic recovery. He suggested that inflation should slow sometime next year as supply bottlenecks ease, but that the Fed cannot be certain that it will. It is also making finished goods more expensive, raising concerns about whether consumers will cut back on spending as prices rise.Īt a news conference Wednesday, Fed Chair Jerome Powell stressed that the outlook for inflation looks highly uncertain, limiting the ability of the Fed to tailor its policies in response. The Fed’s latest statement and policy shift comes amid persistent rising inflation that has cut into corporate operations and raised prices on raw materials. It was trading at 1.57% shortly before the Fed released its policy statement. The yield on the 10-year Treasury note rose to 1.59% from 1.54% late Tuesday. The Nasdaq added 161.98 points to 15,811.58.īond yields rose broadly after the Fed’s statement. “But the markets are already turning their attention to how soon the Fed will begin raising interest rates and how quickly they will raise them.”
“Much of the bond tapering announcement was already priced into markets and shouldn’t have come as a surprise to anyone that was paying attention to what the Fed has been indicating for most of this year,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
0 kommentar(er)
