Wall Street closes higher after Fed verdict

Wednesday, 30. October 2019 21:00

Major US stock markets ended a moderately volatile session on Wednesday in the green as the Federal Reserve buoyed investors' sentiment deciding to cut interest rates for the third time this year.

Speaking to reporters following the announcement, Fed's Chairman Jerome Powell said that the risks to the US economic outlook have moved in a positive direction, stressing the progress in US-China trade negotiations. Also, the policymaker dismissed the possibility of raising interest rates in the coming period, noting a substantial rise in inflation would have to precede a potential rate hike.

Meanwhile, investors were bracing for the latest batch of quarterly corporate results, with Apple, Facebook, Starbucks, and Lyft all scheduled to release their earnings after the closing bell.

The Dow Jones Industrial Average jumped 0.43% at the close. Johnson & Johnson was the best performer throughout most of the day, gaining 2.88% at the close. The Nasdaq 100 advanced 0.44% with Workday surging 3.79%, while the S&P 500 finished the session 0.33% in the positive territory as General Electric rocketed 11.47%.

The euro gained 0.29% against the US dollar, buying 1.11446 at 4:30 pm ET.

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