March 4, 2021

Wall Street closes with gains and Nasdaq in record animated by the Fed

Wall Street closed this Wednesday with gains and the Nasdaq index achieved a record after a day marked by the intervention of the Federal Reserve (Fed) President, Jerome Powell, in the US Congress, where he reiterated that the central bank has the door open to cut interest rates.

At the end of the trading day in New York, the Industrial Dow Jones rose 0.29% or 76.71 points, to 26,860.20 integers, while the selective S & P 500 increased by 0.45%, or 13 , 44 points, up to 2,993.07, bordering a historical mark.

The composite index of the Nasdaq market, which brings together the main technology groups, did overcome its latest record and stood at 8,202.53 whole after adding 0.75% or 60.80 points.

By sectors, the greatest increase was for energy (1.40%), communications (1.26%) and technology (0.80%). The most affected were financial companies (-0.46%) and industrial companies (-0.29%).

The investors followed with attention the intervention of the president of the Fed before the Committee of Financial Services of the House of Representatives, to which he assured that he will fulfill his mandate of four years in spite of the pressures of the president Donald Trump, very critical with his work.

Powell reiterated that "the uncertainties surrounding trade tensions" and the "concern about the strength of the global economy" continue to "weigh" on the US, promising to act "as appropriate", a sign that could lower interest rates, currently between 2.25 and 2.5%.

Also, today the central bank disclosed the minutes of its last meeting in June, in which the Federal Open Market Committee favored a cut in rates if the economic weakness and commercial doubts shown by the latest indicators are maintained.

Among the thirty listed in the Industrial Dow Jones, highlighted oil Chevron (1.69%) and Exxon Mobil (1.41%), Pfizer (1.59%), Cisco (1.40%), Disney (1 , 36%), Verizon (1.05%) and Microsoft (1.02%).

A dozen companies lost value, led by Caterpillar (-1.23%), Goldman Sachs (-0.87%) and Nike (-0.68%).

In other markets, the price of Texas intermediate oil (WTI) rose by a strong 4.50% and closed at $ 60.43 a barrel in reaction to the sharp drop in weekly US reserves of 9.5 million barrels, and the proximity of a storm in the Gulf of Mexico that has forced to evacuate platforms.

At the close of Wall Street, gold fell to $ 1,419.10 an ounce, the yield on 10-year Treasury bonds rose to 2.065%, while the dollar lost ground to the euro with a change of 1.1225.

(tagsToTranslate) Wall (t) Street (t) earnings (t) Nasdaq (t) Fed

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