US STOCKS-Wall Street closes up amid inflation concerns, debt ceiling debate

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(For a Businesshala live blog on the US, UK and European stock markets, click live/ or type live/ in the news window.) (Update to close market)

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NEW YORK, Sept 29 (Businesshala) – Wall Street ended in a partial rebound from the previous day’s wide sell-off on Wednesday, with US Federal Reserve Chairman Jerome Powell’s remarks and the ongoing debt ceiling debate keeping a lid on gains.

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The S&P 500 Index and the Dow Jones Industrial Average advanced, but the Nasdaq Composite closed lower as the Treasury yield halted its climb. Investors, seeking stability in a volatile market, headed for the defensive.

Still, all three remain on course to post monthly declines, with the Belvedere S&P 500 pulling off a seven-month winning streak.

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“That’s the story we’ve seen for a couple of weeks,” said Oliver Purse, senior vice president at Wealthspire Advisors in New York.

“Investors are concerned about three things: the final taper of bond purchases by the Fed, ongoing inflation with Chairman Powell saying it is going to last longer than initially expected, and the debt ceiling issue Congress is battling. Is.”

Powell, speaking at an event at the European Central Bank, expressed his dismay at persistent supply chain problems, which could prop up inflation for longer than expected.

This statement of his has strengthened the stock market.

“Powell has been very good at officially delivering the news that everyone knows is coming,” Perse said.

With growing concerns over US credit defaults, wrangling continued on Capitol Hill over funding to the government as of Friday’s deadline to halt the shutdown.

US Treasury yields stalled in recent days after a debt limit dispute surfaced in Washington.

Unofficially, the Dow Jones Industrial Average rose 90.93 points, or 0.27%, to 34,390.92, the S&P 500 rose 6.86 points, or 0.16%, to 4,359.49 and the Nasdaq Composite fell 34.24 points, or 0.24%, to 14,512.44.

The Boeing Company provided Dow with the biggest lift ever since China’s aviation regulator’s successful 737 MAX test.

Discount retailer Dollar Tree Inc jumped after increasing its buyback authorization from $1.05 billion to $2.5 billion.

Drugmaker Eli Lilly & Company upgraded Citigroup’s rating from “neutral” to “buy.” (Reporting by Stephen Culp; Additional reporting by Devik Jain in Bengaluru; Editing by Richard Chang)


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