US stocks finish higher after Fed decision, Powell's statements

2020-07-30 00:21:37 GMT (

The major US stock indices closed higher on Wednesday, after the market digested the Federal Reserve's decision and its Chair Jerome Powell's statements, Wall Street also was lifted the tech stocks, despite the CEOs of major tech companies such as Apple, Facebook and Alphabet appearing before the US Congress.


The CEOs of Amazon, Facebook, Apple and Alphabet appeared before  an antitrust subcommittee to testify on accusations of monopoly and privacy violations.


The US Federal Reserve kept the interest rate unchanged between zero and 0.25% in a widely expected move, and ruled out any rate hikes before the full recovery of the economy from the coronavirus impact through inflation rising near the Fed's target and the rise of employment pace.


However, the Fed sees improvement in the US economy and the labor market, as some economic activity recovered to their pre-pandemic levels. 


Fed Chairman Jerome Powell also said during a press conference that the economy will need more support from Congress and stressed again on taking all the necessary tools and measures until the economy recovers and returns to its growth path.


The pending home sales reading for June rose by 16.6% to 116.1 points, beating forecasts of 15%..


To the oil market, West Texas Intermediate crude rose 0.6% to close at $41.27 a barrel, after it hit an intraday high of $41.5 and a low of $40.9.


Brent rose 1.2% to $43.75 a barrel, with a high of $43.9 and a low of $43.2.


As for stocks, Dow Jones rose 0.6% or 160 points to close at 26,539, after it hit a day high of 26,602 and a low of 26,375.


Nasdaq rose 1.3% or 141 points to 10,543 points, with a high of 10,568 and a low of 10,464.


S&P 500 rose 1.2% or 40 points to 3,258, after it hit a day high of 3,264 and a low of 3,227 points.

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