NEW YORK (dpa-AFX) – The latest minutes of the US Federal Reserve’s meeting in the middle of the week hardly left any traces on the US stock market. Tech stocks received a little more boost from this, but trading on Wednesday was sluggish overall.
The leading index Dow Jones Industrial presented itself listless with plus 0.05 percent to 33,446.26 points. The market-wide S&P 500 gained 0.15 percent to 4079.95 points. Both indices thus remain close to their record highs. For the technology-heavy Nasdaq 100, it rose 0.28 percent to 13,616.70 points.
At their most recent meeting, the representatives of the US Federal Reserve confirmed their recently more optimistic view of the US economy. However, the pandemic continues to represent a significant economic risk, it said. The economy is still a long way from achieving its long-term goals. The Fed members did not hold out the prospect of a change in monetary policy. The protocol supported the tech sector, which has been catching up since the end of March. Concerns about a possible tighter monetary policy course in view of strong economic data and the trillion dollar economic stimulus programs had weighed heavily on him in phases in the past few weeks.
Meanwhile, the number of voices that the US economy is facing a prolonged upswing is growing. Analyst Konstantin Oldenburger of trading house CMC Markets wrote: US President Joe Biden’s plan for a greener economy combined with an economic stimulus package on an unprecedented scale could also result in an unprecedented boom in the US economy and demand for products as well Trigger shares.
JPMorgan boss Jamie Dimon is also very optimistic about the economic prospects in the USA. The economic boom after the end of the pandemic could easily continue until 2023, Dimon said in his annual letter to shareholders. These were also able to look forward to price gains of 1.57 percent on Wednesday, which put JPMorgan shares at the top of the Dow.
Shares in cruise operators were also sought. Carnival initially rose to a high since March 2020, but then the price gains crumbled. At the end of trading they were quoted 1.40 percent higher. The group looks to another quarter with deep red numbers, but gives hope for a strong comeback. The demand for cruises has risen sharply, in the three months to the end of February bookings have risen by around 90 percent compared to the previous quarter.
Facebook hit another record high, closing 2.23 percent higher. Since the beginning of March, the shares of the online network have already increased by more than a fifth, while the Nasdaq 100 has only caught up a bit since the end of March.
After the minutes of the Fed meeting, the euro came under somewhat more pressure. After the market closed, the common currency cost 1.1872 US dollars, in European afternoon business well over 1.19 dollars were paid for it. The European Central Bank (ECB) had set the reference rate at 1.1884 (Tuesday: 1.1812) dollars, the dollar thus cost 0.84146 (0.8466) euros.
The futures contract for ten-year US Treasuries rose 0.02 percent to 131.70 points. The ten-year papers yielded 1.67 percent./ajx/he
By Achim Jüngling, dpa-AFX