The Dow, S&P and Nasdaq closed up less than a percent, lifted mainly by banks and healthcare companies, as investors digested remarks from Federal Reserve Chair Jerome Powell that suggested a large interest rate hike later this month
Chicago Fed President Charles Evans also said on Thursday that getting high inflation down is "job one," and to do so the Fed could raise interest rates by another 75 basis points this month.Fed officials are heading into a blackout period before their Sept. 20 to 21 meeting, when they are expected to raise the fed funds rate by another 75 basis points, increasing it to 3.0% to 3.25%. ,
"It's important to remember the lesson we all learned years ago, and that's don't fight the Fed," said Oliver Pursche, senior vice president at Wealthspire Advisors in New York. "And the Fed is telling us that they're laser-focused on inflation." In afternoon New York trading, the dollar rose 0.1% to 143.96 yen , climbing in nine of the last 10 sessions. On Tuesday, it surged to a 24-year peak of 144.99 yen.The yen has been a victim of recent dollar strength, as the Bank of Japan remains the lone dovish central bank.Crude prices edged up about 1% after dropping to a seven-month low in the prior session.
Brent futures rose $1.15, or 1.3%, to settle at $89.15 a barrel, while U.S. West Texas Intermediate crude CLc1 rose $1.60, or 2.0%, to settle at $83.54.Additional Reporting by Marc Jones in London and Stephen Culp and Karen Brettell in New York; Editing by Mark Porter, Richard Chang and Josie Kao
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Morning Bid: Go bigA look at the day ahead in European and global markets from Tom Westbrook
Read more »
European Markets Set to Rebound After Wall Street Rally; ECB ‘Jumbo' Rate Hike a PossibilityEuropean markets are heading for a higher open on Thursday following a rebound on Wall Street that lifted global sentiment.
Read more »
Guest Post by litecoin: Fact: Litecoin is the Future of Global Payments | CoinMarketCapCMCCommunity Spotlight ✨ Litecoin's analysis of how it is the Future of Global Payments 🚀 litecoin Crypto CoinMarketCap CMC CMCY $LTC
Read more »
Don't Miss the GITEX Global DevSlam on Cybersecurity, Coding, Web3, and More | HackerNoonFrom 10-14 October 2022, GITEX GLOBAL, the world’s largest and most inclusive tech event will take place in Dubai and shall host 4,000+ companies
Read more »