US closes higher with Fed decision ahead

Monday, 02. May 2022 22:00

Major stock markets in the United States traded higher at the close of the Monday session cutting all of earlier losses ahead of the Federal Reserve's decision on the interest rates expected to be released on Wednesday, as well as quarterly earnings reports scheduled to come out in the coming days.

Furthermore, investors followed the release of the economic reports concerning manufacturing activity, as well as a report on construction spending, and an ISM report all recording worse results than predicted. Also, shareholders kept an eye on the recent missile attack in Ukraine, meanwhile, European Union ministers discussed a new sanctions package against Russia with a focus on the oil embargo.

The Dow Jones Industrial Average index was up by 0.26% with Intel as its best performer gaining 3.14%. The Nasdaq 100 grew by 1.72% or 220 points with Align Technology pulling the index with a 6.54% jump. The S&P 500 rose by 0.57% at the closing bell, with EPAM Systems leading the gains by 8.71%.

The euro was 0.28% lower against the dollar, selling at $1.05039 at 4:04 pm ET.

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