ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • IRDAI sets a target of 5 years for life insurance companies for greater penetration; proposes state-level committee
  • Dalal Street Corner: Bank, FMCG stocks help Nifty clear crucial hurdle of 15,800; what should investors do on Tuesday?
  • Despite windfall tax, brokerages remain bullish on oil & gas stocks; see up to 70% upside on ONGC, Oil India
  • Rupee settles flat at 78.94 against US dollar
  • Akasa Air showcases crew uniform; conducts proving flight test
Read in App
Business News » World News

Stocks higher, dollar weaker in wake of Fed statement

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Global equities advanced on Wednesday for a fourth straight day of gains after the U.S. Federal Reserve held rate steady as expected and as Apple`s strong results eased concerns about earnings growth.

The central bank made no move on interest rates as policymakers took heart in continued U.S. job gains and economic growth and held out hope that weak inflation will edge higher.

President Donald Trump recently called for the Fed to cut interest rates and renew its quantitative easing program.

"No surprises from the Fed, this is exactly what people thought," said Stephen Massocca, Senior Vice President at Wedbush Securities in San Francisco.

"With 3% GDP growth, you saw the ADP number today, we are heating up. It hasn’t flowed through to inflation yet so you could argue there is no need but I would think central bankers would want to get in front of any inflation."

Apple shares jumped about 7% to help lift the major Wall Street indexes on the plus side as the top boost. The iPhone maker beat depressed expectations despite a record drop in phone revenue, gave an upbeat assessment of its China business, said it would buy back $75 billion in shares and hiked its dividend. The gains pushed Apple closer to $1-trillion market capitalization yet again.Sentiment also received a boost from early data on the labor market, as a report by payrolls processor ADP showed U.S. private employers added 275,000 jobs in April, well above the 180,000 estimate.

Still, reports on construction spending and U.S. manufacturing came in weaker than expected, sending conflicting signals about the strength of the economy.

S&P 500 earnings are now expected to show growth of 0.5% for the quarter, according to Refinitiv data. At the start of April, earnings were expected to decline by 2%, sparking some concerns about the possible start of an earnings recession.

The Dow Jones Industrial Average rose 68.43 points, or 0.26%, to 26,661.34, the S&P 500 gained 7.34 points, or 0.25%, to 2,953.17 and the Nasdaq Composite added 48.78 points, or 0.6%, to 8,144.17.

Trading was thin in Europe, with most markets closed for the May Day holiday and only London and Copenhagen open for trading. UK stocks closed lower, with London`s FTSE 100 down 0.44% as it ended at a 1-month low.

The pan-European STOXX 600 index lost 0.07% and MSCI`s gauge of stocks across the globe gained 0.31%.

The weaker data on construction and manufacturing dented the dollar and U.S. Treasury yields fell. The greenback briefly pared losses after the Fed but remained weaker while 10-year Treasury yields hit their lowest since April 1.

Fed Chairman Jerome Powell`s comments after the policy announcement will be closely monitored for clues on the Fed`s thinking about the state of the economy and direction of rates.

The dollar index fell 0.32%, with the euro up 0.41% to $1.1261.

Benchmark 10-year notes last rose 13/32 in price to yield 2.4622%, from 2.507% late on Tuesday.

Oil prices declined after data from the U.S. Energy Information Administration showed U.S. crude production output set a new record last week.

U.S. crude fell 0.59% to $63.53 per barrel and Brent was last at $72.11, up 0.07% on the day.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Thu, May 02, 2019
12:14 am
Reuters
RELATED NEWS
PM Modi inaugurates Digital India Week, hails technology for its role in the pandemic PM Modi inaugurates Digital India Week, hails technology for its role in the pandemic
Pricing flexibility, lower credit cost to help revive NBFC-MFIs profitability this fiscal: Report Pricing flexibility, lower credit cost to help revive NBFC-MFIs profitability this fiscal: Report
Crisil cuts FY23 GDP growth estimate to 7.3% Crisil cuts FY23 GDP growth estimate to 7.3%
US stocks see worst first half drop in over 50 years US stocks see worst first half drop in over 50 years
Rupee hits record low of 79.11 against US dollar in early trade Rupee hits record low of 79.11 against US dollar in early trade

LATEST NEWS

Gold Price Today: Precious metal trades flat amid softening of inflation outlook – Check rates in your city

CCPA issues guidelines on service charges by hotels, restaurant; charging to be illegal

Brent crude up as strike in Norway threatens to disrupt oil, gas output

Stocks to buy today: List of 20 stocks for profitable trade on July 5

OnePlus Nord 2T 5G India sale starts today - Check price, availability and specifications

7th Pay Commission Latest News: Air Force Announces vacancies for Group C positions; here are details, how to apply?

US ban on imports from Xinjiang disrupts China's supply chain

Prices of agricultural commodities are falling low; what is leading to the fall

Editor’s Take: How long crude will continue to trade range-bound, when reversal can be expected? Anil Singhvi decodes

Gold Price Today: Yellow metal subdued on marginal pressure from high dollar index – check prices in metro cities

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV