Investing.com – US stock markets witnessed significant gains after the opening today, in anticipation of the upcoming meeting that bears good news for the markets in general as experts expect.
Wall Street opened with noticeable gains, while the dollar reversed its declines that clouded its morning trading, to rise now, however, gold maintained its bearish trend that dominated most of the day’s trading.
The US investment bank, Citibank, lowered its forecast for the rate at which it will raise rates during its next meeting on February 1 and 31.
The note indicated that Citibank economists are now expecting the US Federal Reserve to slow down the pace of monetary tightening again, and to raise interest rates by only 25 basis points, after their previous expectations indicated that they would be raised by 50 degrees as at the previous meeting in December.
Although it changed its forecasts, Citibank indicated that markets should also factor in the possibility of the US Federal Reserve raising interest rates more frequently.
The Citibank note explained that the reason behind the change in expectations is that the combined effect of a lower-than-expected PPI, along with a slowdown in CPI as well as wage growth, are likely to push the Fed to slow the pace of monetary tightening.
Wall Street at the opening
The main indices of Wall Street opened higher today, as the markets’ growing expectations regarding the Federal Reserve’s calmness in the pace of its rate hikes in the coming period led to a recovery in the markets in general. And at the start of another busy week of corporate earnings, Salesforce stock led gains on Monday after news of a stake acquisition by Elliott Management.
The industrial index rose 64.07 points, or 0.19 percent, to 33,439.56 points.
The index rose 16.53 points, or 0.45 percent, to 3,978.14 points.
The Nasdaq Composite Index rose 101.51 points, or 1 percent, to 11,242.94.-
It decreased during the current moments to levels near $ 1919 an ounce, down by 0.35%.--
On the other hand, futures contracts for the yellow metal fell during these moments of today’s trading, at levels near $1920 an ounce, down by 0.45%.
It rose slightly in the current moments, to now reach the levels of 101,907 points, up by 0.2%.
It rose by 1.5% to levels of $88.8 a barrel.
Nymex crude rose by 0.9% to levels of $82.3 a barrel.
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