Sat, 15 Aug 2020

Wall Street buoyant as Fed boosts confidence

Lola Evans
30 Jul 2020, 08:48 GMT+10

NEW YORK, New York - U.S. stocks made solid gains on Wednesday after the Federal Reserve concluded their two-day monthly meeting and announced all was on track.

The Fed said it will keep its interest rate target range until it is assured the economy has weathered the Covid-19 pandemic and is on track for maximum employment and price stability goals.

"The Fed is putting health again front and center in its statement, which is impactful and meaningful, especially when we're waiting on a bipartisan agreement on the fifth round of the CARES Act. It's a bit ominous, to be frank," Nela Richardson, investment strategist at St. Louis-based Edward Jones told Reuters Thomson Wednesday.

At the close on Wednesday the Dow Jones Industrial Average was ahead 160.29 points, or 0.61%, at 26,539.57.

The Standard and Poor's 500 rose 40 points, or 1.24%, to 3,258.44.

The Nasdaq Composite climbed 140.85 points, or 1.35%, to 10,542.94.

The U.S. dollar continued to dive as the Trump administration continues to unravel with an increasingly unhinged president attracting more and more criticism, even now from Republicans as the death toll from coronavirus in the United States spiraled above 150,000, with another historically-high 217 registered in Florida in one day, according to state health officials.

The euro zoomed up to 1.1791, a two-year high. The British pound rose to 1.2993. The Japanese yen was stronger at 104.95. The Swiss franc was sharply higher at 0.9122.

The Canadian dollar climbed to 1.3336. The Australian dollar strengthened to 0.7188. The New Zealand dollar rose to 0.6670.

Overseas, London's FTSE gained 0.04%. In Germany, the Dax dipped 0.10%. The Paris-based CAC 40 climbed 0.60%.

On Asian markets, Fitch announced Wednesday it was downgrading the outlook for Japan's long-term foreign currency debt from 'stable' from 'negative,' but maintained the country would retain its A rating.

In Tokyo, the Nikkei 225 let go 260.27 points or 1.15% to 22,317.11

China's Shanghai Composite was the Asian region's best performer, rising 66.59 points or 2.06% to 3,294.55.

The Australian All Ordinaries lost 18.80 points or 0.31% to 6,128.00.

In Hong Kong, the Hang Seng jumped 110.38 points or 0.45% to 24,883.14.

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