Tha Dow a ’leum 250 puing às deidh geallaidhean tèarmann feadarail gus ìrean rèidh a chumail faisg air neoni gu 2023

Air adhart

The stock market moved higher on Wednesday after the Federal Reserve announced that it would keep interest rates near zero until 2023 in a bid to help support the U.S. economic recovery from the coronavirus pandemic.

Prìomh fhìrinnean

The Dow Jones Industrial Average was up 0.9%, around 250 points, on Wednesday, while the S&P 500 rose 0.3% and the tech-heavy Nasdaq Composite lost 0.3%.

While the economic recovery has “progressed more quickly than generally expected” and the Fed raised its outlook for unemployment and GDP, overall activity still remains “well below” the level it was before the pandemic, Fed chairman Jerome Powell Thuirt in a press conference.

The Federal Open Market Committee said it “expects to maintain an accommodative stance of monetary policy” until inflation averages 2% over time.

Stocks also jumped after White House chief of staff Mark Meadows told reporters that he was optimistic about a coronavirus stimulus deal, while President Trump Thuirt that he would support a bigger relief package.

Gains were partially kept in check by the release of disappointing U.S. retail sales, which rose 0.6% last month—lower than the 1.1% expected and the 1.2% jump in July.

Dè a choimheadas tu

Cloud-based data storage company Snowflake surged more than 115% in its public debut on the New York Stock Exchange, trading under the ticker symbol “SNOW.” The company originally priced its IPO at $120 per share, but began trading at a whopping $245 per share amid high investor demand on Wednesday. With a valuation of nearly $68 billion, based on its opening price, Snowflake is on track for the largest software IPO ever.

Tangent

After rallying on recent announcements of deals with ESPN and Michael Jordan, shares of daily fantasy and sports betting company DraftKings rose another 8% on Wednesday after signing an exclusive partnership with the NFL’s New York Giants. Shares of Eastman Kodak, meanwhile, soared over 70% after an independent review found that the company didn’t break any laws related to its disclosure of a $765 million loan from the U.S. government to pivot to drug production.

Prìomh chùl-fhiosrachadh

The market has moved higher so far this week, on Tuesday posting its third straight day of gains in a row as technology stocks continued to rebound from last week’s sell-off. The S&P 500 fell 2.5% last week, its worst one-week drop since late June, while the Nasdaq fell more than 4% for its worst week since March. Amid the wider tech sell-off last week, the Nasdaq briefly a-steach gu fearann ​​ceartachaidh air Dimàirt, às deidh dha tuiteam 10% ann an dìreach trì latha de mhalairt.

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Source: https://www.forbes.com/sites/sergeiklebnikov/2020/09/16/dow-jumps-250-points-after-federal-reserve-pledges-to-keep-interest-rates-near-zero-until-2023/