Sat, 31 Jul 2021

Federal Reserve decision fails to move U.S. markets

Lola Evans
19 Sep 2019, 06:20 GMT+10

NEW YORK, New York - The U.S. Federal Reserve cut rates on Wednesday but signalled no further rate reductions.

The bank pointed to the strong labor market, robust consumption and consumer sentiment. However, it said it is worried about investment.

The U.S. dollar rose on the Fed announcement, while stocks saw minor gains on he industrial boards, and a slight softening of techs,

At the close of trading Wednesday, the Dow Jones Industrial Average .DJI was ahead 36.35 points, or 0.13%, at 27,147.15.

The Standard and Poor's 500 rose 1.02 points, or 0.03%, to 3,006.72.

The Nasdaq Composite declined 8.62 points, or 0.11%, to 8,177.39.

The U.S. dollar rose across the board. The euro sank to 1.1033, while the British pound edged down to 1.2489. The Swiss franc fell to 0.9967. The Japanese yen softened to 108.42. The Canadian dollar slid to 1.3283. The Australian dollar retreated to 0.6832, while the New Zealand dollar dived to 0.6322.

In overseas markets the FTSE 100 in London fell 0.09%. The German Dax rose 0.14%. In Paris, the CAC 40 edged up 0.09%.

On Asian markets Wednesday, the Nikkei 255 was down 40.61 points or 0.18% at 21,960.71.

The Shanghai Composite edged up 7.54 points or 0.25% to 2,985.66.

The Australian All Ordinaries was off 10.50 points or 0.15% at 6,791.20.

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