Wall Street closes higher on positive economic predictions

Tuesday, 22. September 2020 22:01

Major stock markets in the United States closed higher on Tuesday after a positive economic forecast. Treasury Secretary Steven Mnuchin said the Trump administration is ready to reach the bipartisan agreement on the fourth economic relief package.

Speaking at the House Financial Services Committee, Fed's Chair Jerome Powell stated the government's financial support is the key to economic recovery, whereas his colleague Charles Evans remained confident that the inflation will stay below 2% "for a number of years." On the data front, the existing home sales grew 10.5% in August compared to the same period last year.

The Dow Jones Industrial Average increased by 0.51% at the closing bell as Lululemon Athletica shares went up by 6.01%. The Nasdaq 100 advanced by 1.88% with Nike Inc. gaining 3.09%. The S&P 500 climbed 1.05%, while Twitter Inc. grew 7.09%. The euro lost 0.51% to the dollar to sell for $1.17195 at 3:58 pm ET.

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