US stocks keep gains after Fed statement
US stock indices rose on Wednesday, and kept gains following the Federal Reserve's statement.
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.
The Fed stated that depending on the continuous rise in inflation and improved labor market conditions, the FOMC sees that it would be appropriate to start reducing asset purchases.
The Fed also estimated the US GDP to grow by 3.8% in 2022, 2.5% in 2023, and 2% in 2024.
To the oil market, WTI crude October futures rose 2.5% or $1.74, and closed at $72.23 a barrel.
Brent November futures rose 2.5% or $1.83, and closed at $76.19 a barrel.
As for stocks, Dow Jones rose 1% or 338 points, and closed at 34,258, and hit a day high of 34,440, and a low of 34,006.
S&P 500 rose 0.9% or 41 points to 4,395, after hitting a high of 4,416 and a low of 4,367 points.
Nasdaq rose 1% or 150 points to 14,896 points, with a high of 14,950 and a low of 14,767.
| Symbol | Last | Change | Chg.% | ||
|---|---|---|---|---|---|
|
|
|
1.1623
|
0.0012
|
0.1003%
|
|
|
|
|
1.3764
|
0.0025
|
0.1823%
|
|
|
|
Tadawul
|
11888.24
|
42.31
|
0.36%
|
|
|
|
|
24.383
|
1.069
|
4.585%
|
|
|
|
|
84.427
|
1.081
|
1.297%
|
|
|
|
|
86.21
|
0.68
|
0.80%
|
|
|
|
|
1799.830
|
30.090
|
1.700%
|
|
