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US stocks soar at close as Fed ramps up asset purchase program

At the close, the DJIA, S&P 500 and Nasdaq were respectively ahead by 1.1%, 1.6% and 2.2%.

4:10 p.m.: Stocks change course after Fed decision

The S&P 500 and the Dow Jones turned positive after the Fed said it was accelerating the withdrawal of its stimulus programs in times of crisis and accelerated the rate of reduction of its asset purchase program to $ 30 billion dollars per month.

The S&P 500 gained 1.63% or 76 points to end at 4,710 points, while the Dow Jones rose 1.1% or 383 points to close at 35,927 points. The Nasdaq, in charge of technology, meanwhile jumped 2.2% to close at 15,566 points, an increase of 328 points.

Commenting on the Fed’s move, Naseem Aslam, chief market analyst at Avatrade, told investors: “Today we saw the aggressive side of the Fed; they used all the bullets and came with all the bullets. guns. As a result, we saw the price of gold fall off the cliff, and the dollar index strengthened. “

Aslam added: “Next year, three rate hikes mean 75 basis points, which is way more than market participants expected. As for the equity markets, traders have prayed to see the aggressive side of the Fed, and they like the fact that the Fed is finally ready to tackle inflation which is spiraling out of control. “

12:00 p.m .: US stocks lower at noon as investors wait for the Fed

US stocks were down by noon as investors braced for the much-anticipated Federal Reserve move on Wednesday.

The Fed, which is grappling with the highest level of inflation in 39 years, will conclude its two-day policy meeting and the public will hear from Central Bank President Jerome Powell in a press conference at 2:30 p.m. HEY.

As of noon, the Dow Jones Industrial Average was down 35 points, or 0.10%, to 35,507. The S&P 500 was down 17 points, or 0.35%, to 4,617.
And the tech-rich Nasdaq fell 146 points, or 0.96%, to 15,089.

Chris Beauchamp, chief market analyst at online trading group IG, said the Fed’s tone is crucial for stocks and the US dollar.

“Apart from some gains in European markets, stocks remain trailing, as investors around the world brace for a busy 24-hour central bank world,” he said, noting that “the Fed is expected to accelerate the rate of tapering “by 2022.

The biggest winner of the day so far is CMC Materials Inc, up 28% to $ 186.08 per share.

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9:43 am: US stocks start to fall

US stocks began to fall and tarnish midweek as traders await the Fed’s key decision on accelerating the end of bond buying, and US retail sales rose less than expected. last month.

In New York, the Dow Jones Industrial Average lost about one point to 35,543. The S&P 500 was almost flat at 4,643.

The tech-laden Nasdaq lost around 37 points to 15,200.

Official figures released showed retail sales rose 0.3% in November this year. Economists had predicted an increase of 0.8%.

That said, October data has been revised up to show retail sales rose 1.8% from the previously reported 1.7%. Sales in the United States have now increased for four consecutive months.

The US Federal Reserve’s two-day political meeting ends today and the outcome is eagerly awaited.

“The FOMC simply cannot justify not reducing quantitative easing with consumer inflation at its highest since the early 1980s, with producer prices hitting record highs, GDP already above levels before the pandemic and a tight labor market, “said analyst Fawad Razaqzada. at ThinkMarkets.

“Expect to see a lot of fireworks. This will be the start of the big central bank meetings, ahead of the BoE, the ECB and the CBRT on Thursday,” he added.

“So there is a very good chance that we will see a final spike in volatility in the next few days, before things potentially calm down as the Christmas holidays approach.

6:30 am: US stocks see a mixed opening

U.S. stocks are expected to open mixed as investors await guidance from the last U.S. Federal Reserve policy meeting of the year, after higher than expected producer inflation figures on Tuesday.

Futures for the Dow Jones Industrial Average rose 0.03% on Wednesday before market, while the larger S&P 500 index fell 0.1% and those of the technology-heavy Nasdaq 100 lost 0.34%.

Fed Chairman Jerome Powell is expected to announce an earlier end to the US central bank’s quantitative easing program when the Federal Open Market Committee (FOMC) concludes its two-day meeting. The producer price index posted a 9.6% year-on-year increase for November, the fastest pace on record and above the 9.2% expected by economists.

Shares ended Tuesday’s trading session lower after the release of inflation data, with the Dow Jones losing 0.3% to 35,544, while the S&P 500 fell 0.75% to 4,634 and the Nasdaq Composite fell 1.14% to 15,238.

“The hawkish pivot (of the Fed) has already been made in a series of public statements, so there shouldn’t be too many surprises,” commented Neil Wilson, chief market analyst at Markets.com.

“We expect the FOMC to announce a faster rate of reduction – up to $ 30 billion per month to phase it out in the first quarter and provide room for further increases. There will likely be a merger around. at least 2 hikes in 2022 – remember the point chart for September showed policymakers were evenly split between the first hike in 2022 or 2022.

“I would expect a lot more consensus around 2022 for take-off and that there would be a majority in favor of a minimum of two hikes next year, which matches the broad market consensus,” he said. Wilson added.