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U.S. stock market rises

7 July 2021
1 min.
U.S. stock market rises

Large-company stocks

US stock indices rose in trading on Wednesday, with the S&P 500 and Nasdaq Composite reaching record highs at one point in the session.

The Dow Jones Industrial Average index rose 25.00 points (0.07%) to 34602.37 points.

The Standard Poor's 500 gained 7.95 points (0.18%) to 4351.49 points.

The Nasdaq Composite rose 35.44 points (0.24%) to 14699.08 points.

Shares of major technology companies rose in trading. Apple Inc. (NASDAQ:AAPL) rose 1.2 percent, Alphabet (NASDAQ:GOOGL) Inc. up 0.05% and Microsoft Corp (NASDAQ:MSFT). shares gained 0.5%.

Meanwhile, shares of oil companies are declining. Occidental Petroleum (NYSE:OXY) Corp. is down 2.3%, Devon Energy Corp (NYSE:DVN). down 0.6%, ExxonMobil Corp (NYSE:XOM). by 1.6%, Chevron Corp (NYSE:CVX). up 0.8%.

Investors are focusing on the Federal Reserve (Fed) meeting minutes of June 15-16. Investors expect to receive guidance on the future trajectory of the US central bank's monetary policy.

As reported, the Fed kept the benchmark interest rate in the 0-0.25% per annum range at the end of its June meeting.

The Fed also reiterated that it will continue monthly asset purchases totalling $120bn until substantial progress is made towards maximum employment and price stability targets.

At the same time, Fed Chairman Jerome Powell said during a press conference following the meeting that US central bank leaders have begun discussing a possible reduction in the asset buyback programme. These words were perceived by investors as a hawkish signal.

As CNBC notes, market participants fear that the US economy may be approaching peak growth and that a correction will soon begin.

Persons1 and Companies11 in the news

6th Chair of the Federal Reserve
1 place
Devon Energy
1 place
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Dow Jones
4 place
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Rating companies
103 Mention
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Dow Jones
72 Mention
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