US stocks shrug off Federal Reserve's worries, close higher

2020-05-20 23:35:11 GMT (Economies.com)
US stocks shrug off Federal Reserve's worries, close higher

US stocks rose on Wednesday, as investors shrugged off Federal Reserve member's concerns over the coronavirus impact on the US economy.

 

Investors also shook off the doubts about the lack of data to assess the tests of the "Moderna" coronavirus vaccine, which are still only preliminary results, but scientists are questioning it.

 

The Federal Reserve meeting minutes showed the members of the FOMC were deeply concerned about the impact of the coronavirus on the economy.

 

The minutes also showed that FOMC members were uncertain about the pandemic impact on the US economy and communities.

 

While some of the members stressed concerns over a second wave of the coronavirus outbreak that might become more severe amid the reopening measures.

 

To the oil market, West Texas Intermediate crude rose 4.8% to close at $33.49 a barrel, after it hit a day high of $33.7 and a low of $31.5.

 

Brent crude climbed 3.2% to $35.75 a barrel, with a high of $36.4 and a low of $34.2.

 

As for stocks, Dow Jones rose 1.5% or 369 points to close at 24,576, after it hit a day high 24,649 and a low 24,455.

 

Nasdaq rose 2.1% or 190 points to 9,375 points, with a high of 9,392 and a low of 9,304.

 

S&P 500 rose 1.6% or 48 points to 2,971 points, with a high of 2,980 and a low of 2,953.

 
 
 
  Symbol Last Change Chg.%
1.1231
0.0112
1.0028%
1.2572
0.0158
1.2736%
Tadawul
7222.41
-62.82
0.86%
17.628
-0.451
2.494%
36.565
2.078
6.026%
39.79
0.22
0.56%
1698.205
-34.480
1.990%
 
 
US
 
Europe
 
Asia