The Dow Jones Industrial Average closed Friday (November 18) up 199 points as investors watched the performance of public companies. Including statements by Federal Reserve (Fed) officials to assess the direction of US interest rates.
The Dow Jones Industrial Average closed Friday (November 18) up 199 points as investors watched the performance of public companies. Including statements by Federal Reserve (Fed) officials to assess the direction of US interest rates.
The Dow Jones Industrial Average rose 199.37 points, or 0.59%, to close at 33,745.69, the S&P 500 added 0.48% to close at 3,965.34 and the Nasdaq. it rose in a narrow range by just 0.01% to close at 11,146.06 points.
Energy stocks were the only ones to fall today. While the price of oil has collapsed in the world market. Amid concerns over oil demand in China and the US Federal Reserve (Fed) accelerating interest rate hikes to curb inflation.
St. Louis Fed Chairman James Bullard said interest rates are currently not in a range considered narrow enough.
“Even though the Fed has raised interest rates to a range of 3.75 to 4.00% this year, it is still below what the Fed considers enough tightening to bring inflation back to its target of 2%. That’s an effective 5-7% with tight control levels,” Bullard said.
Kansas City Fed Chair Esther George said, The Fed may have to downsize the economy to slow inflation. While the job market is still tight.
Markets are keeping an eye on the Nov. 1-2 Federal Open Market Committee (FOMC) meeting minutes, which will be released on Nov. 23, to indicate the direction of Fed interest rates.
