Economy

S&P 500, Dow rise before Fed; tech stocks pull down Nasdaq

Therefore, the price of an ounce of gold fell to the $1937 at the beginning of Thursday's trading. Before the yellow metal stabilized around $1950 an ounce at the time of writing.

Mixed data has also kept investors on edge about the pace of an economic recovery as latest figures showed US consumer spending slowed in August, with a key retail sales gauge unexpectedly declining. Stripping out volatile fuel and food prices, retail sales sank 0.1pc. It gained $1.69 the previous session to $42.22.

Then a report released by the National Association of Home Builders showed that United States homebuilding confidence jumped to a record high in September. The contract rose $1.88 on Wednesday to $40.16.

Afraid of market volatility?

Sept 16 (Reuters) - The S&P 500 and Dow Jones indexes rose on Wednesday on hopes that the Federal Reserve would continue to keep interest rates low for a prolonged period, while a slide in tech stocks dragged the Nasdaq lower.

The Japanese yen eased slightly as investors reacted to the Bank of Japan interest rate decision. The jobless rate is estimated to by 7.6%, vs. the June projection of 9.3%. Inflation has risen to 2 percent and is on its way to be moderately above 2 percent for some time. "We expect to maintain an accommodative stance of monetary policy until these outcomes, including maximum employment, are achieved".

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"It will take a while to get back to the levels of economic activity and employment that prevailed at the beginning of this year", Powell told reporters.

"You're right to say "narrative needle" that chair Powell has to thread because he has to talk up the good and yet he has to acknowledge this persistently high level of unemployment and the fact that the Fed's tools don't appear to be capable of reaching the people who are put out of work," she said. The bank statement referred to the bank's recent shift towards "average inflation targeting", saying that the central bank would aim to moderate inflation above 2% for some time with inflation averaging 2% over time.

The Fed doesn't see core PCE inflation hitting 2% until the end of 2023.

Projections released on Wednesday showed bank leaders expect the USA economy to shrink by 3.5% this year - less than the 6.5% decline feared in June. Nevertheless, the Federal Reserve revised its estimates of GDP growth in 2021 and 2022 to 4.0% and 3.0%, respectively.

The Fed will also be releasing its "dot plot" projection of interest rates, which is a chart of dots representing the anonymous, individual rate projections of Fed policymakers for the next few years. The current decline is temporary, and the general trend is still up, and the factors for the yellow metal's gain are still in place and increasing.

Later today, we will receive the Bank of England interest rate decision.



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