The stocks in the United States Wall Street witnessed several gains on Wednesday. this came after the united states federal reserve reassured a pledge to use its full range of tools in order to support the falling economy, for as long as possible to recover from the fall out of the Coronavirus pandemic.
The Federal Reserve, after the end of its two-day policy meeting, said that it maintained its interest rate target range till the time it is confident about the economy reviving from the disastrous impact of the virus and is totally fit to achieve its maximum employment as well as realize price stability goals. Stan Shipley, Evercore ISI macro research analyst in New York, setting a statement that this declaration by the federal reserve was pretty much expected. Moreover, the central statement will be e in the month of September as we get the pathway to move forward.
Before the commentary by the Federal Reserve, the major indexes In The Wall Street were already trading higher due to the scheduled on in reports from Facebook Inc, Amazon.com Inc, Apple Inc as well as Alphabet’s Google. The chief executives of all four United States’ major companies also faced a congressional hearing on antitrust issues lately.
Shawn Snyder, head of the investment strategy at Citi Personal Wealth Management said “You’ll often see an uptick in those shares ahead of earnings and if they disappoint then they tend to sell off.”
How did the stock markets react?
At 2:30 p.m. ET, the Industrial Average of Dow Jones jumped up 105.68 points to 26,484.96. This rise was equivalent to 0.4 percent. The S&P 500 also witnessed a gain of 32.98 points The index settled at 3,251.42 points, marking a rise of 1.02 percent. Moreover, the Nasdaq Composite also added to the list of gainers by jumping up 124.98 points. It was settled at 10,527.07.