Dow jumps 382 points as Fed shifts to next moves
U.S. stocks gained momentum in the last hour of trading after the Federal Reserve said it would keep interest rates unchanged and speed up the process of reducing its bond purchases to $ 30 billion. dollars per month.
The Dow Jones Industrial Average gained 382 points, or 1%, while the S&P 500 and Nasdaq Composite jumped 1.6% and 2% respectively.
|Me: DJI||MEDIUM DOW JONES||35927.43||+383.25||+1.08%|
|I: COMP||NASDAQ COMPOSITE INDEX||15565.582968||+327.94||+ 2.15%|
Federal Reserve Chairman Jerome Powell acknowledged that inflation had risen much faster than policymakers expected, and said the labor market will take longer than expected to recover as people choose to stay outside the workforce.
He also noted that cryptocurrencies are not a major risk to the financial system at this time. Bitcoin hit the $ 49,000 level.
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Oil rose 0.20% to close at $ 70.87 a barrel.
|OSU||UNITED STATES PETROLEUM FUND LP||51.62||+0.70||+1.37%|
In stocks, vaccine makers at the center of attention after Dr Anthony Fauci, during a press briefing, said COVID-19 vaccines do not have to be adjusted to protect against the variant omicron.
|MRNA||MODERN INC.||283.28||+6.12||+ 2.21%|
|PFE||PFIZER INC.||58.81||+3.25||+ 5.85%|
|BNTX||BIONTECH SE||287.05||+10.28||+ 3.71%|
|JNJ||JOHNSON & JOHNSON||171.12||+0.69||+ 0.40%|
Apple remains focused, with stocks on the verge of breaking the $ 3 trillion mark.
|AAPL||APPLE INC.||179.30||+4.97||+ 2.85%|
Home improvement retailer Lowe’s was under pressure after reporting annual sales of $ 94 billion to $ 97 billion, with the lower range lower than analysts’ forecasts.
|MEUGLER||LOWE’S COS. INC.||257.54||+5.08||+ 2.01%|
|HD||HOME DEPT INC.||407.81||+5.61||+1.39%|
Retail sales rose 0.3%, below the 0.8% forecast by economists and well below the stronger-than-expected 1.7% increase in October. Excluding the automotive component, spending also rose only 0.3%, compared to 1.7% the previous month. The pullback suggests that inflation could hit consumers harder than expected.
|WMT||WALMART INC.||145.76||+0.83||+ 0.57%|
|TGT||TARGET CORP.||236.67||+1.27||+ 0.54%|
The Empire State Manufacturing Survey turned out better than expected with a reading of 31.9, a sign that manufacturers see the economy improving rather than deteriorating.
HELLO PRODUCTION PRICES OF 9.6% IN NOVEMBER, THE LARGEST WINNING RECORD
And the prices of imported goods rose 0.7% month over month, following a slightly larger than expected increase of 1.2% in October. Export prices jumped 1% in November, below the 1.5% peak the month before.
|TOL||TOLL BROTHERS INC.||71.14||+0.98||+1.40%|
|DHI||DR HORTON INC.||107.37||+2.63||+ 2.51%|
The National Association of Homebuilders’ confidence index for December edged up to 84, the highest since February.
Ken Martin of FOX Business and the Associated Press contributed to this report.