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Stocks rise as investors ignore signals of Fed cutbacks

23 September 2021
2434
2 min.
13
Stocks rise as investors ignore signals of Fed cutbacks

US stock indices continued to rise on Thursday

As investors embraced the Federal Reserve's plans to cut asset purchases and raise interest rates. The Dow Jones Industrial Average index rose 230 points, or 0.67%, while the S&P 500 Index and Nasdaq Composite Index rose 0.49% and 0.44% respectively.

The gains came after all three major averages jumped about 1% after Federal Reserve Chairman Jerome Powell indicated on Wednesday that the central bank could start tapering later this year and raise rates in 2022. Talk of interest rate cuts and hikes prompted investors to sell Treasuries with the 10-year bond yield rising 6 basis points to 1.36%. On the equity side, financials including Bank of America Corp. and Goldman Sachs Group Inc. were in focus as the yield curve turned steeper after Fed signals.

Elsewhere, Semiconductors Advanced Micro Devices Inc. and Nvidia Corp. gained after the White House said it is looking for ways to address chip shortages that are affecting automakers. BlackBerry shares jumped after the company said revenue across all divisions exceeded expectations.

On the earnings front, Darden Restaurants Inc. reported quarterly profit and revenue that beat Wall Street forecasts, as sales at the same restaurant rose 47.5%. The company's board of directors approved a new $750 million share buyback programme.

Consulting firm Accenture plc reported direct revenue and raised its sales forecast for the current quarter because of strong demand for its cloud and security services.

Costco Wholesale Corp. and Nike Inc. plan to release their quarterly results after the close of trading.

As for commodities, West Texas Intermediate crude rose 15 cents to $72.38 a barrel, while gold fell $20.60 to $1,758.20 an ounce.

Persons1 and Companies12 in the news

6th Chair of the Federal Reserve
Person
BlackBerry
Organization
Costco Wholesale
Organization
NVIDIA
Organization
Nike, Inc.
Organization
Nasdaq
Organization
Dow Jones
Organization
Darden Restaurants
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Goldman Sachs
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Bank of America
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White House
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Section:

Discussion

Rating companies
Nasdaq
116 Mention
Apple
104 Mention
Tesla
98 Mention
Amazon
87 Mention
Dow Jones
82 Mention
Facebook
75 Mention
Microsoft
54 Mention

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