2023-06-22 23:34:54
Editor’s Picks, Stock News6:27, 2023-06-23
The Dow Jones New York Stock Exchange ended slightly lower on Thursday (June 22) following Federal Reserve Chairman Jerome Powell addressed Congress on the second day, reiterating that the Fed will continue to adjust. Raise interest rates to curb inflation. The S&P500 and Nasdaq closed in negative territory, supported by buying in technology stocks.
The Dow Jones Industrial Average closed at 33,946.71 points, down 4.81 points, or -0.01%, the S&P500 closed at 4,381.89 points, up 16.20 points, or +0.37%, and the Nasdaq Index closed at 13,630.61, up 128.41 points, or +0.95%.
Mr Powell made a statement to the Senate Banking Committee last night. He said it was appropriate for the Fed to continue raising interest rates this year. If the economy adjusts as expected ready to add that Most Fed officials think the Fed will raise interest rates by 25 basis points two more times by the end of the year. This will keep the Fed’s policy rate within the range of 5.50-5.75%.
“In the past, we have acted very quickly. Sometimes the Fed raises interest rates by 0.75% in one meeting, and now we are getting closer to our destination. So we proceed with caution. The interest rate was affirmed at the June meeting.”
said Mr. Powell.
After Powell’s Day 2 speech, investors weighed 77% that the Fed would raise interest rates by 0.25% at its July 25-26 meeting.
Trading sentiment on the New York Stock Exchange was also pressured by the Bank of England (BoE) raising interest rates by 0.50% to 5.00%, the highest level since 2008, and more than the BoE’s expected rate hike. 0.25%
Six of the 11 stocks included in the S&P 500 ended negative, with the real estate sector shedding 1.44% and the energy sector shedding 1.3%, while the luxury sector rose 1.53% and the services sector. Communications rose 1.15%.
Industrial and financial stocks fell. And is one of the factors that pull the Dow Jones Index closed in negative territory. Boeing shares were down 3.05%, Caterpillar was down 1.7%, 3M was down 1.02%, Goldman Sachs was down 1.66%, JPMorgan was down 1.93%.
However, technology stocks rose. The Nasdaq and S&P 500 ended in positive territory, with Apple shares up 1.65%, Amazon shares up 4.26%, Microsoft shares up 1% and Meta Platforms up 1.15%.
For the economic data that was released last night The National Association of Realtors (NAR) reported that existing home sales rose 0.2% to 4.3 million units in May. month by month In contrast to analysts who expected a drop to 4.25 million units
The U.S. Department of Labor released initial claims for unemployment benefits at 264,000 last week. unchanged from the previous week and is the highest level since October 2021
by InfoQuest News Agency (June 23, 2023)
Tags: dowjones, Dow Jones, Stock Market, New York Stock Exchange
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