The McCreary County Record: Dow Jones Closes Higher After Federal Reserve Chair’s Comments
In a day of mixed results for the stock market, the Dow Jones Industrial Average managed to close higher after Federal Reserve Chair Jerome Powell’s comments on Wednesday. The S&P 500 and Nasdaq Composite, however, finished lower, dragged down by losses in the chipmaker sector.
The Dow added 87.37 points, or 0.23%, closing at 37,903.29. In contrast, the S&P 500 lost 0.34% to close at 5,018.39, while the Nasdaq Composite slid 0.33% to settle at 15,605.48. Throughout the day, major averages experienced volatility as investors reacted to Powell’s statements.
During a press conference following the decision to hold rates steady, Powell cited a “lack of further progress” in inflation as the reason for keeping rates unchanged. He also ruled out the likelihood of a rate hike in the near future, stating that it was “unlikely” that the next policy rate move would be a hike.
Investors will continue to monitor the Federal Reserve’s actions closely as they navigate the uncertain economic landscape. With inflationary pressures and ongoing market volatility, the central bank’s decisions will play a crucial role in shaping the future of the stock market.
For more updates on the stock market and Federal Reserve policy decisions, stay tuned to the McCreary County Record for the latest news and analysis.
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