NEW YORK, Nov 4 ― Major Wall Street indexes posted solid gains and marked closing record highs as the Federal Reserve said it will begin trimming its monthly bond purchases in November with plans to end them in 2022, an announcement that investors had been expecting. The S&P 500 and Nasdaq...
NEW YORK, Nov 4 ― Major Wall Street indexes posted solid gains and marked closing record highs as the Federal Reserve said it will begin trimming its monthly bond purchases in November with plans to end them in 2022, an announcement that investors had been expecting.
“The Fed did not rock the boat on this one,” said Ryan Detrick, chief market strategist at LPL Financial. “It was fairly well-telegraphed what the Fed might do and they did what most people expected.” The central bank's easy money policies have been a significant support for markets, with the S&P 500 more than doubling since its March 2020 low at the onset of the pandemic.
In a press conference after the Fed's statement, Fed Chair Jerome Powell said it is possible the US job market may have improved enough by the middle of next year to be considered at “maximum employment,” a key hurdle to clear for the central bank to consider increasing interest rates. Lyft shares rose 8.2 per cent after the ride-hailing company reported an adjusted profit for the third quarter.
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