US stocks close higher after Fed statement

2019-06-19 23:23:03 GMT (Economies.com)
US stocks close higher after Fed statement

US stocks rose on Wednesday despite pressure on the technology and energy sectors, as Wall Street received support from the Federal Reserve statement.

 

The Federal Reserve decided to set the interest rate at between 2.25% and 2.50%, to be consistent the decision with market expectations.

 

The central bank said it dropped the word "patience" from its statement to leave the door open to trigger interest rates, pointing out that it expects to cut interest rates next year.

 

The bank kept its GDP forecast at 2.1% growth this year, but expected inflation to remain below target.

 

For his part, Federal Reserve Chairman, Jerome Powell, said that the US economy is doing well rationally amid strength in the labor market, but weak business investment.

 

In the crude market, West Texas fell 0.3% to close at $53.76 per barrel, with a high of $54.4 and a low of $53.2.

 

Brent fell 0.5% to close at $61.82 per barrel, with a high of $62.5 and a low of $61.4.

 

Dow Jones rose 0.1% (equivalent to 38 points) to 26,504 points, and recorded a high of 26,569  points and a low of 26,415 points.

 

Nasdaq rose 0.4% (33 points) to 7,787 points, with the highest level at 7998 points and the lowest level at 7930 points.

 

The Standard & Poor's rose 0.3% to 2926 points, with the highest level at 2,931 points and the lowest level at 2,911 points.

 
 
 
  Symbol Last Change Chg.%
1.1028
-0.0005
0.0440%
1.2600
-0.0037
0.2896%
17.471
-0.059
0.335%
54.385
-0.427
0.780%
60.51
1.41
2.39%
1485.625
-1.560
0.105%
 
 
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