The Fed does not satisfy “Wall Street” … a record level for “Google”

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The Standard & Poor’s 500 Index closed lower on Wednesday after the US Federal Reserve kept interest rates stable as well as its monthly bond-buying program, indicating that it was not yet ready to reduce its support for the economic recovery.

Despite the economic improvement, the central bank renewed its guidelines since December, saying that it should see “more significant progress” towards its targets for inflation and unemployment rates in order to begin reducing monthly bond purchases.

“The Fed has highlighted the persistence of intense uncertainty,” said Kevin Flanagan, director of fixed income strategy at Wisdom Tree Funds. In such an atmosphere, and in light of unstable inflation, they will not change the course of monetary policy. ”

The S&P 500 was stable following the Fed announcement, but later rose to a record high for the session after Chairman Jerome Powell said during a press conference that “the time is not yet ripe” to discuss reducing the central bank’s support for the economic recovery.

Senior White House officials said US President Joe Biden is expected to unveil a comprehensive $ 1.8 trillion package for families and education when he delivers his first speech to Congress.

Alphabet (Google) shares rose to a record high after it announced Tuesday record profits for the second consecutive quarter and plans to buy back $ 50 billion of shares.

The Dow Jones Industrial Average fell 161.59 points, equivalent to 0.48 percent, to 33823.34 points, and the Standard & Poor’s lost 3.27 points, or 0.08 percent, to score 4,183.45 points, and the Nasdaq Composite Index fell 39.19 points, or 0.28 percent, to 14051.03 points. (Reuters)





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