US stocks advance as Fed holds rates steady
Summarised from 2 outlets · 4 reports · Updated 28 Oct, 22:57 · Archive
US stock indexes rose after the Federal Reserve held its policy rate unchanged, as markets expected.
US stock indexes closed higher after the Federal Reserve left its key policy rate unchanged on Wednesday. The decision was widely anticipated by markets. In its statement, the Fed upgraded its assessment of the economy while acknowledging that inflation 'remains elevated'.
Memory chipmaker Micron Technology jumped after South Korean rival SK Hynix reported a more than sevenfold jump in quarterly profit, with SK Hynix's US-listed shares closing sharply higher. The Philadelphia chips index was up for the fourth straight session. Broader market weakness came from megacaps including Tesla and Apple, which eased.
Fed Chair Kevin Warsh said at a press conference that the central bank has made clear its willingness and readiness to act. Financial markets are now pricing in an 87.4 per cent likelihood of a 25-basis-point rate hike at the Fed's December meeting, up from 78.3 per cent on Tuesday. Third-quarter earnings season is in full swing, with 84 per cent of the 200 S&P 500 companies that have posted results having beaten consensus estimates, according to LSEG data.
How it is being reported
- Wall Street opens mixed ahead of Fed decisionUS stocks have opened mostly higher as investors prepare for an interest rate decision from the country's central bank.The West Australian · 28 Oct, 16:21
- Wall Street opens mixed ahead of Fed decisionUS stocks have opened mostly higher as investors prepare for an interest rate decision from the country's central bank.Perth Now · 28 Oct, 16:21
- Wall St advances as oil eases ahead of Fed decisionUS stocks have opened higher as investors looked favourably at tech shares and welcomed a decrease in the price of oil.The West Australian · 27 Oct, 16:54
- Wall St advances as oil eases ahead of Fed decisionUS stocks have opened higher as investors looked favourably at tech shares and welcomed a decrease in the price of oil.Perth Now · 27 Oct, 16:54
In this story: Federal Reserve · SK Hynix · Micron Technology · Kevin Warsh · United States
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