Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
Nov 1 - The S&P 500 roughly held its gains on Wednesday although trading was choppy as Federal Reserve Chair Jerome Powell began his press conference after the U.S. central bank kept interest rates unchanged, as expected, while acknowledging the economy's strength.
"The Fed left rates unchanged, as expected and made some minor adjustments to the statement, but nothing dramatic," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, Charlotte, NC noting that investors would closely monitor Powell's press conference, which kicked off at 2:30 p.m EDT
The Dow Jones Industrial Average rose 105.95 points, or 0.32%, to 33,158.82, the S&P 500 gained 20.88 points, or 0.50%, to 4,214.68 and the Nasdaq Composite added 96.25 points, or 0.75%, to 12,947.48. "The Fed very much wants to keep the door open for additional hikes in December or next year. They did make a few changes to the wording, two of which reflect the assessment that the economy is actually stronger than it was at the last statement," said Hazen, also noting that the Fed changed its reference to job gains from"slowed" to"moderated."Earlier the stock market got a boost from falling bond yields after the U.S.
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