Dow gains 435 points, books best gain in a month as Fed's Powell changes hawkish tune
Thursday, 31 January 2019 04:23 WIB |
MARKET UPDATE |DOW JONESSaham AS
The Dow on Wednesday notched its highest finish since early December after the Federal Reserve left interest rates unchanged and signaled further increases are on hold. Already buoyant on the back of rising shares of Apple Inc and Boeing Co the Dow Jones Industrial Average, powered decisively higher, gaining 435 points, or 1.8%, at 25,015, on a preliminary basis.
The close for blue chips marked the highest since early December and the best single-session for the Dow since Jan. 4, according to FacSet data. The S&P 500 index advanced 1.6% at 2,681, while the Nasdaq Composite Index rose 2.2% at 7,183, on a preliminary basis.
The Fed left interest rates unchanged, as widely expected, holding at a range of 2.25% to 2.50%, but indicated that it would be 'patient' in further interest-rate hikes and on the unwind of its $4.1 trillion balance, which has been a source of turbulence and anxiety for investors in the past few months.