US Stock market wraps higher as late session rally pushed to fresh new record highs
Two out of three of the major benchmark equities managed to squeeze out fresh record levels as investors wait for the Federal Reserve's decision if changes are needed for the key monetary policy.
The Federal Reserve finally shown indicators that changes are needed, implying that adjustments are to be done on the current asset purchase program which is at $120 billion per month. They wanted to create an opportunity to affect further progress in their goal which is price stability and maximum employment before pulling back to standard levels, which makes traders and investors wonder on what kind of changes would actually fit this requirement.
The labor market report shows that there are 7 million vacant positions to be filled up to match pre-pandemic levels even though the US economy has already shown great improvement recently. Another thing to consider is the price hike of consumer and producer prices, although these changes are expected to be short-term ones.
Strategies are saying that since the economy's performance is upward, most of the stocks that are performing well, namely value and cyclical stocks, are bound to keep their strength and momentum.
The Dow Jones Industrial Average slipped, dropping by more than 0.20% or almost 100 points. S&P 500 eked out gains at the market run, eking out fresh records, along with NASDAQ Composite Index which jumped by more than 0.70% or more than 100 points. The 10 Year Treasury yield increased by 3.9 basis points ending at 1.5010%.
Below are the major movements on the stock market this Monday at sixteen hundred NYC time;
- The Dow Jones Industrial Average down by 0.25% or 85.39 points and at 34,394.21.
- S&P 500 Index increased by 0.18% or 7.74 points and currently at 4,255.18.
- NASDAQ Composite Index advanced to 14,174.14 after gaining 104.72 points or 0.74%.
- Yield on 10 Year Treasury now at 1.5010%.
- Gold down by $12.10 or 0.64% and now at $1,867.50 an ounce.
- Crude up by $0.11 or 0.16% and closed at $71.02 per barrel.
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