Stock market today: Asian markets wobble after Fed sticks with current interest rates

The Japanese yen surged as much as 2% in early Asia hours Thursday, driven by speculations of another round of yen-buying intervention by Japanese authorities and a weaker U.S. dollar following the Fed meeting. Later, the yen reversed its course and erased the previous gains. The dollar was trading at 155.31 yen, up from 154.91 yen.

Hong Kong’s Hang Seng index added 2.4% to 18,190.32. Other markets in China remained closed for the Labor Day holiday.On Wednesday, the S&P 500 fell 0.3% to 5,018.39 after the Fed held its main interest rate at its highest level since 2001, just as markets expected. The index had rallied as much as 1.2% in the afternoon before giving up all the gains at the end of trading.

On the downside for financial markets, Federal Reserve Chair Jerome Powell said out loud the fear that's recently sent stock prices lower and erased traders' hopes for imminent cuts to interest rates: “In recent months, inflation has shown a lack of further progress toward our 2% objective.” He also said that it will likely take "longer than previously expected” to get confident enough to cut rates, a move that would ease pressure on the economy and investment prices.

In energy trading, benchmark U.S. crude ended three days of decline and rose 50 cents to $79.50 a barrel. Brent crude, the international standard, was up 59 cents to $84.03 a barrel.This dividend stock is near 52-week highs, but still down from all-time highs, with a highly valuable P/E ratio you won't want to miss. The post 1 Magnificent Dividend Stock That’s Down 21% and Trading at a Once-in-a-Decade Valuation appeared first on The Motley Fool Canada.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

Stock market today: Asian shares mostly rise to start a week full of earnings, Fed meetingTOKYO (AP) — Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week. Japan's benchmark ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Asian shares rise, cheered by last week's tech rally on Wall StreetTOKYO (AP) — Asian shares were trading higher Monday amid optimism over the rally that ended the week on Wall Street, although eyes were on the Federal...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Asian benchmarks mostly climb despite worries about US economyTOKYO (AP) — Asian shares mostly rose Friday despite worries about the economic outlook and inflation in the U.S. and the rest of the world. The Bank of...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Asian benchmarks mostly slide as investors focus on earningsTOKYO (AP) — Asian shares mostly declined Thursday as investors awaited a flood of global earnings reports, including updates from U.S. tech companies known ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Asian shares track Wall Streets rally, led by a 2.4% jump in TokyoHONG KONG (AP) — Asian shares have tracked Wall Street’s rally, led by a 2.4% advance for Tokyo’s benchmark Nikkei 225 index powered by strong gains for...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Asian stocks track Wall Street gains ahead of earnings reportsHONG KONG (AP) — Asian share benchmarks were mostly higher Tuesday after U.S. stocks clawed back a chunk of their losses from the week before. U.S. futures...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »