News
James B. Bell
- August 08, 2023
The U.S. stock market showed positive momentum on Tuesday, with the Dow Jones Industrial Average achieving its 12th consecutive session in the green. The index reached its highest closing level since February 2022, setting a new record. Investors eagerly awaited the Federal Reserve's policy decision, which is scheduled for Wednesday. They will particularly focus on Chair Jerome Powell's comments for guidance on future interest-rate adjustments.
Federal Reserve's Expected Move
The central bank is anticipated to announce a 25 basis points increase in benchmark interest rates. This decision signifies a resumption of efforts to raise borrowing costs and reign in inflation. After a brief pause in June, this move indicates the Fed's commitment to its campaign against rising inflation.
Market Performance
Despite limited gains, the Dow Jones Industrial Average (DJIA) climbed by 27 points or less than 0.1%. It settled at 35,438 at the closing bell. The S&P 500 (SPX) demonstrated stronger growth, rising by 0.3%. Meanwhile, the Nasdaq Composite (COMP) saw a more substantial increase of 0.6%.
Earnings Season Highlights
Amidst ongoing earnings season activity, major tech players such as Alphabet (GOOGL), Microsoft (MSFT), Meta Platforms (META), and Intel (INTC) took center stage. Alphabet and Microsoft were set to report after Tuesday's market close, followed by Meta Platforms on Wednesday, and Intel on Thursday.
In conclusion, the U.S. stock market exhibited a positive trend with the Dow Jones setting a new record high. Investor attention is now focused on the Federal Reserve's policy decision and upcoming earnings reports from leading technology companies.
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