Wall Street rallies after Fed’s big rate hike; NUE, BA, BYND soar
Wall Street indices closed higher on Wednesday, June 15, after the Federal Reserve raised the interest rates by 0.75%, its biggest increase since 1994, to rein in the relentless spike in inflation. The SP 500 was up 1.46% to 3,789.99. The Dow Jones increased by 1.00% to 30,668.53. The NASDAQ Composite rose 2.50% to 11,099.15, and the small-cap Russell 2000 was up 1.36% to 1,731.14. Stocks rallied after the central bank raised the rates by 75 basis points on Wednesday at the end of its two-day policy conclave. It had initially planned a 0.50% rise in June and a similar hike in July. However, investors set aside their concerns over weak retail consumption and broader downturn, which clouded the market for weeks in a break from the brutal selloffs. Fed’s aggressive move was expected after May CPI rose to 8.6% , breaching a fresh 40-year high. The SP plunged into a bear market after the Labor Department released its report last Friday. On the economic front, the Commerce Department on Wednesday said that US retail sales unexpectedly declined in May, falling 0.3% in May from an increase of 0.7% in the prior month.
Wall Street rallies after Fed’s big rate hike; NUE, BA, BYND soar
Wall Street indices closed higher on Wednesday, June 15, after the Federal Reserve raised the interest rates by 0.75%, its biggest increase since 1994, to rein in the relentless spike in inflation. The SP 500 was up 1.46% to 3,789.99. The Dow Jones increased by 1.00% to 30,668.53. The NASDAQ Composite rose 2.50% to 11,099.15, and the small-cap Russell 2000 was up 1.36% to 1,731.14. Stocks rallied after the central bank raised the rates by 75 basis points on Wednesday at the end of its two-day policy conclave. It had initially planned a 0.50% rise in June and a similar hike in July. However, investors set aside their concerns over weak retail consumption and broader downturn, which clouded the market for weeks in a break from the brutal selloffs. Fed’s aggressive move was expected after May CPI rose to 8.6% , breaching a fresh 40-year high. The SP plunged into a bear market after the Labor Department released its report last Friday. On the economic front, the Commerce Department on Wednesday said that US retail sales unexpectedly declined in May, falling 0.3% in May from an increase of 0.7% in the prior month.