NewsWorldWall Street gains evaporate after Fed announcements

Wall Street gains evaporate after Fed announcements

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WALL STREET GAINS EVAPORATE AFTER FED ANNOUNCEMENTS

by Stephen Culp

NEW YORK (Reuters) – The New York Stock Exchange ended in mixed order on Wednesday, with the S&P-500 and the Dow Jones ending in the red, after suddenly plunging after initially posting gains following of the US Federal Reserve (Fed) statement at the conclusion of its two-day monetary policy meeting.

The Dow Jones index fell 0.38%, or 129.64 points, to 34,168.09 points.

The broader S&P-500 fell 6.52 points, or 0.15%, to 4,349.93 points.

The Nasdaq Composite advanced for its part by 2.82 points (0.02%) to 13,542.12 points.

While they had advanced on the heels of the Fed’s announcement to keep its main interest rates between zero and 0.25%, the main indices on Wall Street saw these gains quickly evaporate on reading. of the statement from the US central bank, warning that it could start “soon” to raise its rates in order to fight against inflation.

Stocks tumbled on the sidelines of Fed Chief Jerome Powell’s press conference, where he warned inflation could stay above the central bank’s target for a long time. and that problems in supply chains were greater than previously anticipated.

“When reporters asked Powell if the Fed was considering raising rates at each of its meetings, which would involve more than four hikes this year, he didn’t say it wouldn’t, suggesting the possibility of a much faster rate hike than previously thought should the need arise,” said Chris Zaccarelli, chief investment officer of the Independent Advisor Alliance in Charlotte, North Carolina.

With earnings season in full swing, with one-fifth of S&P-500 companies reporting earnings, 81% of those companies beat expectations, according to Refinitiv data.

In the green for much of the session, the major sectors of the S&P-500 almost all ended in the red, with only the sectors of technology and financials being the exceptions.

In terms of values, Microsoft rose 2.8% the day after the announcement of quarterly profit above expectations in the wake of the performance of its “cloud” division.

Boeing declined 4.8% after reporting a $3.5 billion charge in the fourth quarter due to longer-than-expected delivery delays for its 787 Dreamliner.

Tesla released its post-closing results.

* The reminder of the session in Europe: [.EUFR]

* TO BE FOLLOWED ON THURSDAY:

(French version Jean Terzian)

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