Wall Street benchmarks lifted on upbeat sentiments and US data
- DJIA, advanced 115.84 points, or 0.4%, to 29,348.03.
- The S&P 500 SPX added 15.86 points, or 0.5%.
- Nasdaq Composite added 84.44 points, or 0.9%, to end the session at a record at 9,817.18.
US benchmarks were once again a had turned, printing fresh all-time highs. The S&P 500 and Nasdaq finished at all-time highs. Statements from the Federal Reserve in the minutes as well as the measures China says it has taken to help coronavirus-stricken businesses helped to lift all boats.
Subsequently, the Dow Jones Industrial Average, DJIA, advanced 115.84 points, or 0.4%, to 29,348.03. The S&P 500 SPX added 15.86 points, or 0.5% and the Nasdaq Composite added 84.44 points, or 0.9%, to end the session at a record at 9,817.18, its second all-time closing high in a row.
FOMC in focus
The Federal Reserve Open Market Committee minutes which showed that theFederal Reserve policymakers were cautiously optimistic about their ability to hold interest rates steady this year, even as they acknowledged new risks caused by the coronavirus outbreak. "Participants generally saw the distribution of risks to the outlook for economic activity as somewhat more favourable than at the previous meeting," the Fed said in the minutes of the Jan. 28-29 meeting. It went on to say the current stance of monetary policy was likely to remain appropriate "for a time."
More here: FOMC minutes: Policymakers expect economic growth to continue at a moderate pace
Meanwhile, the US Jan PPI came in much stronger than expected. "The headline rate rose to 2.1% y/y vs 1.3% in Dec with the core rate rising to 1.7% y/y (prev 1.1%). The rise was largely due to a 0.7% rise in services costs as strong rises in retailer margins offset weakness in freight and cargo. Nonetheless, the picture remains one of subdued pipeline inflation pressures," analysts at ANZ Bank explained.