Battle for the sign on the Wall

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Wall Street indicators showed a positive sign in a session of increased volatility after three days of heavy losses, but the climate remains fragile amid concerns that the Federal Reserve will have to take even more aggressive action to control inflation, risking to derail the growth of the economy.

Investors are turning their attention today to speeches by Federal Reserve officials in search of new data on the central bank’s next pending moves and critical data to be announced tomorrow on inflation.

Concerns have been mounting lately that the Federal Reserve will continue to tighten its policy until it sees signs that inflation has been brought under control, with no such thing appearing at the moment. Analysts expect government data to show annual inflation of more than 8% for April, well above the central bank’s 2% target.

Indicators – Statistics

On the board, the Dow Jones adds 115.24 points or 0.36% to 32,360.94 points, while the broader S&P 500 gains 40.11 points or 1% to 4,029.90 points. The technological Nasdaq with a jump of 223.32 points or 1.92% climbs to 11,845.00 points.

It is noted that in the last three sessions the S&P 500 has fallen a total of 7.2% to the biggest three-day drop since March 2020 when the whole planet was facing the nightmare of the coronavirus pandemic.

Of the 30 stocks that make up the Dow Jones industrial index, 19 are moving with a positive sign and 11 with a negative one. Salesforce gained the most with $ 5.84, or 3.57%, to $ 169.44, followed by Intel with $ 44.44 and 3.18% and Microsoft with 3.04%. $ 272.62

On the other hand, the three stocks with the biggest losses are IBM (-3.54%), JPMorgan Chase (-1.67%) and 3M (-1.37%).

THE President of the Richmond Fed, Thomas Barkin said today that the central bank will do whatever it takes to bring inflation back to its official 2% target.

“We will do what we have to do,” Barkin said, while expressing confidence that the central bank could avoid a 1980s-type recession as it seeks to reduce inflation from the highs of the 40s. years he has climbed.

His confidence that the Federal Reserve can reduce inflation while keeping the economy strong, he said. New York Fed Chairman John Williams.

“While it is a difficult task, it is not insurmountable. We have the tools to restore balance to the economy and restore price stability and we are determined to use them,” Williams said at a conference in Germany.

More aggressive in her statements h Loretta Mester, President of the Cleveland Fedsaid it prefers raising interest rates by 50 basis points, but would also support a larger increase if inflation does not fall by the second half of the year.

“We do not rule it out [αυξήσεις] by 75 basis points, right? “he told Bloomberg Television.

Source: Capital

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