NEW YORK STOCK ENDING STRONG RISING by Echo Wang and Devik Jain (Reuters) – The New York Stock Exchange ended sharply higher on Wednesday after a choppy session as the U.S. Federal Reserve (Fed) announced, as widely anticipated, an increase in its key interest rate by half a point, an unprecedented measure since 2000, to fight against inflation. The Dow Jones Industrial Average gained 2.81%, or 932.27 points, to 34,061.06 points. The broader S&P-500 gained 124.69 points, or 2.99%, to 4,300.17 points. The Nasdaq Composite advanced for its part by 401.10 points (3.19%) to 12,964.86 points. After experiencing movements in both directions, the main indices on Wall Street stabilized and then climbed, sharply, with comments from Fed Chairman Jerome Powell at a press conference. The S&P-500 posted its strongest daily percentage rise since May 18, 2020. In a statement after its two-day monetary policy meeting, the Fed said it was raising its key interest rate. interest rate by half a point and that it would begin to reduce its balance sheet in June, a tightening intended to strengthen the fight against soaring inflation. “Clearly (the Fed) understands the need to counter rising prices,” said Greg Bassuk, managing director of AXS Investments in Port Chester, New York. However, “even if the Fed is more aggressive with rate hikes, we are still grappling with geopolitical tensions, COVID-related issues as well as quarterly earnings all over the place,” he said. he adds. “So we still see volatility on the horizon.” Investors closely followed Jerome Powell’s speech for possible new indications on the Fed’s future measures and their timing. Wall Street has been weighed down recently by fears that the Fed’s more aggressive policy will hurt economic growth, disappointing quarterly results from high-growth companies, the conflict in Ukraine and health restrictions in the face of COVID-19. in China. High-growth stocks, including tech giants, were the main victims of market rotation. All of the eleven major sectors of the S&P-500 rose on Wednesday, especially the energy sector. Bank stocks rose 3.5% as the yield on two-year U.S. Treasuries hit their highest level since November 2018. Lyft tumbled 30% after posting quarterly operating profit lower than expected, amid concerns about additional spending. * The reminder of the session in Europe: [.EUFR]
* TO BE FOLLOWED THURSDAY: (French version Jean Terzian)
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