Wall Street ends with new hope for the economy

for Caroline Valetkevitch

NEW YORK, Aug 6 (Reuters) – The New York Stock Exchange ended higher on Tuesday, rebounding from the previous day’s lows, as investors appeared to be encouraged by comments from US Federal Reserve (Fed) officials on their economic outlook.

The Dow Jones index gained 0.76%, or 294.39 points, to 38,997.66 points.

The broader S&P-500 gained 53.70 points, or 1.04%, to 5,240.03 points.

The Nasdaq Composite advanced 166.77 points (1.03%) to 16,366.86 points.

Up sharply during the session, the three major Wall Street indexes saw their gains shortly before the close.

US central bank officials have rejected the idea that disappointing July US data pointed to a future recession. They also warned that the Fed must lower interest rates to avoid such a situation.

The market has reassessed its position and “people are starting to think that lower rates should support stocks,” said Rick Meckler, one of the directors of Cherry Lane Investments in New Jersey .

According to FedWatch, traders are betting 75% on a 50 basis point rate cut at the September Fed meeting.

Fears of a recession in the United States led Wall Street’s major indexes to decline, with anxiety in the markets fueled by the release of a bearish strategy following an unexpected rate hike announced this week by Bank of Japan (BoJ).

Investors are especially waiting for the speech that will be given in a fortnight by Fed President Jerome Powell at Jackson Hole.

All major sectors of the S&P-500 ended today’s session in the green, led by technology and real estate.

Nvidia gained nearly 4%, contributing significantly to the rise in the S&P-500 and the Nasdaq.

Uber jumped 11% after beating Wall Street expectations for its quarterly results.

Caterpillar also grew, by 3%, after better-than-expected results.

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NYSE Nasdaq Synthetic Market Summary ……. Top 25 Stocks……… Biggest Increase in % ……. Biggest Decline in %…. .. stock indices.. Market statistics…… 10-year benchmark bond……. Guide to US sector indices.. Guide to US stock markets… Index Dow Jones…… ……. S&P Index………… Pre-Division Values………… Dow Jones Est and the S&P. (Written by Jean Terzian)