(CercleFinance.com) – Wall Street ended Wednesday’s session in the green, supported by the conclusion of the Fed’s Monetary Policy Committee (FOMC). The Dow Jones gained 0.6% to 33,015 points, while the Nasdaq Composite gained 0.4% to 13,525 points.
‘Predictably, the central bank left its benchmark interest rate unchanged in the near zero range, with committee members expecting rates to remain untouched until 2023,’ Wells sums up. Fargo.
‘Jerome Powell reaffirmed that an accommodative monetary policy remains appropriate until the data clearly shows that the Fed has met its dual mandate of full employment and slightly above 2% inflation,’ he continues.
Today’s economic indicators also showed that the US economy paused in February, as a result of severe weather conditions that paralyzed a large portion of the country, from Texas to the Great Lakes, for part of the month.
Thus, housing starts plunged 10.3% last month, while the number of building permits, supposed to foreshadow future housing starts, fell in the same proportions, by 10.8%.
On the value side, McDonald’s posted a gain of 1.9%, in the wake of an increase in recommendation from ‘keep’ to ‘buy’ by Deutsche Bank, with a price target raised from 232 to 244 dollars.
Uber Technologies fell 4.2% after announcing the immediate requalification of its British VTC drivers, who will now be considered ‘professionals’ entitled to paid leave.
Lennar Corp soared 13.8%, after the home builder posted EPS up one-third to $ 2.82 for its final quarter of 2020-21, well above estimate analyst average.
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