Dow Jones and S&P 500 close higher, post weekly gains

Economies.com
2021-09-24 20:38PM UTC

Most US stock indices closed higher on Friday, lifted by the Federal Reserve's statement, and posted weekly gains.

 

The US Federal Reserve has kept the interest rate between zero and 0.25% unchanged, but projected to raise it 3 times in 2023 and 3 more times in 2024, to reach 1.8% by the end of 2024.

 

Fed Chairman Jerome Powell stated that he expected the Fed to start reducing the bond-buying program and emergency pandemic support in November.

 

Powell stated that he had never seen these kind of supply-chain issues, never seen an economy that combines drastic labor shortages with lots of unemployed people and a lot of slack in the labor market.

 

 

To the oil market, WTI crude October futures rose 0.9% or 68 cents, and closed at $73.98 a barrel, and posted a weekly gain of 2.8%.

 

Brent November futures rose rose 1.1% or 84 cents, and closed at $78.09 a barrel, with a weekly gain of 3.6%.

 

As for stocks, Dow Jones rose 0.1% or 33 points, and closed at 34,798, and posted a weekly gain of 0.6%, with a day high of 34,857, and a low of 34,648.

 

S&P 500 rose 0.1% or 6 points to 4,455, near the last Friday's close, after hitting a high of 4,463 and a low of 4,430 points.

 

Nasdaq fell 0.1% or 4 points to 15,047, and registered a 0.5% weekly loss, with a high of 15,067 and a low of 14,946.

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