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US stocks trade higher after Fed report
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IANS | 24 Feb, 2018
US stocks traded higher as investors digested the central bank's newly-released monetary policy report.
The
Dow Jones Industrial Average on Friday gained 347.51 points, or 1.39
per cent, to 25,309.99. The S&P 500 increased 43.34 points, or 1.60
per cent, to 2,747.30, Xinhua news agency reported.
The Nasdaq Composite Index was up 127.31 points, or 1.77 per cent, to 7,337.39.
The Fed is expected to continue gradual interest rate hikes this year on the expectation of stronger economic outlook.
"The
(Federal Open Market) Committee expects that the ongoing strength in
the economy will warrant further gradual increases in the federal funds
rate," said the semi-annual Monetary Policy Report to the Congress.
The report was released before new Fed Chair Jerome Powell's first Congress testimony which was scheduled on February 27.
Despite
the recent market turbulence, the Fed still held that overall
vulnerabilities in the US financial system remain moderate on balance.
However,
it warned that valuation pressures continue to be elevated across a
range of assets, including equities and real estate.
In their
public remarks, Fed officials have downplayed the impact of recent
market volatility, saying they would stick to their forecast of stronger
growth outlook and gradual rate hike pace.
The market has been closely following any updates from the Fed.
On
Wednesday, the US central bank released minutes from its January
meeting. According to the minutes, the Fed officials see increased
economic growth and an uptick in inflation as justification to continue
to raise interest rates gradually.
After the news came out, the
US 10-year Treasury yield spiked to as high as 2.956 per cent. Major
stock indices rose sharply with the Dow jumping more than 300 points
before paring gains completely.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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