US stocks rally, dollar retreats as Fed lifts interest rates

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 66%

Business News News

Business Business Latest News,Business Business Headlines

NEW YORK: Wall Street stocks rallied and the dollar retreated on Wednesday (May 4) after the Federal Reserve announced a large 50 basis points interest rate increase but ruled out an even big

The decision - which follows weeks of anticipation and speculation as Fed officials have vowed a tough response to inflation - came as European officials proposed a gradual ban on Russian crude, lifting oil prices.

Powell said half-percentage point increases"should be on the table at the next couple of meetings," but added that a three-quarter point increase"is not something the committee is actively considering". Art Hogan, strategist at National Securities, said the Fed's decision met expectations but contained"no hawkish surprise", adding that stocks could push higher in the coming sessions.Some analysts have viewed the stock market as positioned for a potential rally after suffering deep losses in April amid worries over the Fed.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks inch up, US yields near 3% as markets ready for Fed hikeMILAN : World stocks rose slightly on Tuesday and U.S. 10-year Treasury yields held near 3 per cent as investors prepared for the Federal Reserve's biggest rate hike since 2000.In a busy week for central bank meetings, Australia's central bank raised its key rate by a bigger-than-expected 25 basis points
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »