New York Stocks: More Gains – Investors are easier to respond to interest rate signals

NEW YORK (dpa-AFX) – Wall Street also benefited from the unchanged US monetary policy on Thursday. The leading index Dow Jones Industrial expanded its previous day’s gains and rose 1.18 percent to 34,664.19 points. The broader S&P 500 went up 1.00 percent to 4439.51 points. The technology-heavy Nasdaq 100 gained 0.75 percent to 15,290.13 points.

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In late trading the previous day, investors reacted with relief to the news that the US Federal Reserve (Fed) is sticking to its very loose monetary policy for the time being: the key interest rate will remain low and securities purchases to support the economy will continue. However, at the next meeting in early November, a decision could be made to curb monthly bond purchases from the current $ 120 billion, said Fed Chairman Jerome Powell. At the same time, new forecasts point to an interest rate hike in the coming year.

The US Federal Reserve has taught another lesson “how to gently massage the markets to accept that a tightening is imminent,” wrote analyst Neil Wilson of the trading house Markets.com./la/jha/

Source: dpa-AFX

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