Reuters.- Wall Street ended with little change this afternoon after Federal Reserve Chairman Jerome Powell said the central bank was still far from considering raising interest rates.
The Nasdaq ended with a sharp rise, with shares in Google’s parent company Alphabet Inc. hitting an all-time high as increased ad spending helped it deliver record quarterly results.
In a Press conference Following the release of the Federal Reserve’s monetary policy statement, Powell also said that the US labor market still has “some ground to cover” before it is time to withdraw the financial support it launched in spring 2020 to fight the economic impacts of the pandemic.
“It seems that probably the most positive for Wall Street was that they are not close to raising interest rates“Said Alan Lancz, president of Alan B. Lancz & Associates Inc, an investment advisory firm.
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Wall Street rests with Fed definitions
The index S&P 500 reversed slight declines following Fed statement, Meanwhile he Dow cut losses and the Nasdaq increased its gains.
The Fed also kept its interest rate benchmark to a day near zero and left its bond buying program unchanged.
In its statement at the end of its last two-day monetary policy meeting, the central bank also said that the The rise in inflation was still the result of “transitory factors.”
Unofficially, the Industrial Average Dow Jones fell 128.12 points, or 0.37%, to 34,930.4 units, while the S&P 500 lost 0.82 points, or 0.02%, to 4,400.64 units. The Nasdaq added 102.01 points, or 0.7%, to 14,762.58 units.
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