The market finished higher on Wednesday as investors cheered the Federal Reserve’s decision to keep interest rates near zero and shares of Big Tech stocks rallied.Tasos Katopodis/Getty ImagesThe Dow Jones Industrial Average was up 0.6%, over 150 points, on Wednesday, while the S&P 500 rose 1.3% and the tech-heavy Nasdaq Composite gained 1.4%.
The Federal Reserve, which concluded its two-day policy meeting on Wednesday, kept interest rates unchanged at near zero to continue to support the economy through the coronavirus pandemic. The CEOs of Amazon, Apple, Facebook and Google-parent Alphabet testified before the House Antitrust Subcommittee, which gave investors some insight into how Big Tech companies are handling challenges from regulators.
Shares of all four companies rose more than 1% following the hearings, but while they’re among the best-performing stocks so far this year, there are rising concerns on Wall Street thatThe busiest week of the second quarter earnings season continued, with shares of General Electric, Advanced Micro Devices, General Motors and Shopify all rising after the companies reported better-than-expected results.
Boeing and Starbucks, meanwhile, posted wider-than-expected losses last quarter, but both stocks traded higher heading into the market open.“The pace of the recovery may have slowed in recent months as virus cases have surged across the country and the Fed appears to be in no hurry to change the status quo,” says Charlie Ripley, senior investment strategist for Allianz Investment Management.
Source: News Formal (newsformal.com)
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