Awaiting Fed interest rate announcement, Wall Street closed with gains & More Latest News Here

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2022. REUTERS/Brendan McDermid

Shares closed higher on Wall Street. recover more from their recent lossesas the countdown nears zero for a long-awaited speech on interest rates.

The S&P500 it rose 1.4% on Thursday. The Dow Jones gained 1% and the Nasdaq closed up 1.7%.

The shares varied between Benefits and the losses since they suffered on Monday her worst day in months, as traders refrain from making big moves in general. Wall Street’s attention is focused on the economic peak in Jackson Hole, Wyoming, which has been the scene of key announcements for the Federal Reserve in previous years. The Fed Chairman is due to speak Friday morning.

For its part, a revised reading of the general economy suggested that its springtime contraction was not as severe as previously thought. The economy shrank an annualized 0.6%, according to the government’s second preliminary reading, smoother than the 0.9% given in their initial estimate.

The 10-year Treasury yieldwhich affects mortgage interest rates, fell to 3.03% from 3.11% on Wednesday.

This helped stocks which tend to benefit more from falling interest rates.such as companies the Internet and of Technology. Companies whose earnings tend to be closely tied to the strength of the economy, such as banks and commodity producers, also helped dominate the market.

Telehealth providers got stronger after Amazon shut down its in-house telemedicine service for employees. Teladoc gains 2.6%.

On the losing side, several companies have reduced their financial forecasts for the year. the software company Selling power fell 5.1%, and the discount retailer dollar tree fell 9.7%.

Several retail companies have recently downgraded their outlook, even after posting higher-than-expected profits last quarter.. They are grappling with rising inventory and rising costs, while customers are also being affected by inflation, especially those with lower incomes.

However, Wall Street’s attention remains focused on Jackson Hole, Wyoming, where economists from around the world gather for an annual symposium.

It has been the scene of several commercials for the Federal Reserve that have defined the market in the past, and investors expect the Chairman of the Fed, Jerome Powellprovide clarity tomorrow on the direction of interest rates.

The Fed has already hiked rates four times this year in its effort to contain high inflation., with most of them higher than the usual rise, and investors want to know how it is tilted for expected future rises. Powell will speak on Friday morning, and he could also talk about the steps the Fed is taking to revive the “money printer” which he used during the pandemic to revive the economy.

Stocks soared over the summer on hopes that the Federal Reserve might be more flexible in its rate hikes. more than feared, as investors saw signs that the country’s high inflation could be approaching its peak. The hope was that the Fed might scale back its rate hikes sooner than expected and ultimately not raise rates as much as expected.

But recent comments from a number of Fed officials have made return this story, which raises hopes for more clarity from Powell on Friday.

(With AP information)

Keep reading:

The US economy fell a tenth less than expected in the second quarter

Awaiting the Fed’s interest rate announcement, Wall Street closed higher
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