The main indices rose on Wall Street, Monday, as investors prepare for gains from stocks of major companies and technology companies, amid anticipation of the US Federal Reserve’s decision on interest rates later this week.
The big event this week is the Fed’s meeting, which lasts two days and starts tomorrow and ends on Wednesday with its next interest rate decision.
Markets are expecting the Fed to raise interest rates by 25 basis points, but investors will be paying attention to what Fed Chairman Jerome Powell has to say during Wednesday afternoon’s press conference.
Powell could offer more hints about the Fed’s direction in the second half of the year, and whether it sees an opportunity to end rate hikes sooner rather than later, amid signs that inflation is declining.
Later in the week, economic data will add further clarity to this trend, with Q2 GDP data due Thursday, and the last reading of the Fed’s preferred measure of inflation, the Personal Consumption Expenditure Index, due for release Friday.
Market movements
The Dow Jones Industrial Average rose 198.89 points, or 0.56 percent, to 35,426.58 points, by 15:30 GMT, the Standard & Poor’s Index rose 21.18 points, or 0.47 percent, at 4,557.52 points, and the Nasdaq Composite Index rose 32.13 points, or 0.24 percent, to 14,064.37 points.
2023-07-24 15:35:09
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