Wall Street opens in the green and the Dow Jones rises 0.80%

Wall Street opens in the green and the Dow Jones rises 0.80%

Wall Street opened this Wednesday in green and its main indicator, the Industrial Dow Jones, gained 0.80%, after two consecutive days of losses and after the tension seems to calm down due to the controversial visit to Taiwan by the president of the House of Representatives, Nancy Pelosi.

Ten minutes after the floor opened, the Dow Jones added 258.88 points, to 32,655.05, while the selective S&P 500 also gained 0.83% or 33.94 units, to 4,125.13.

The Nasdaq market composite index, which brings together the main technology companies, also rose 1.19% or 147.15 integers, to 12,295.91.

Wall Street thus follows the path of the Southeast Asian stock markets, which have closed almost all in the green, oblivious to the tension between the United States and China that has finally not materialized – at least so far – in any retaliatory action by China , despite two straight days of warnings against Pelosi’s visit.

Investors’ attention now returns to the internal context and to the possibility that the Fed will increase interest rates again, after yesterday three members of the Fed hinted that they expect further increases.

The president of the Chicago Fed, Charles Evans, assured in this sense that he expects a rise of 0.50 points in September and then several increases of 0.25 until the beginning of the second quarter of 2023.

In recent days, several indicators and the poor growth data in the United States had raised expectations in the market about a change in policy by the Fed, which is raising rates very significantly to curb inflation.

By sectors, the green numbers also dominated and the gains were led by communications (1.76%), non-essential goods (1.67%) and technology (1.34%); only public services (-1.61%), energy (-0.29%) and essential goods (-0.19%) appear in losses.

Among the 30 Dow Jones listed companies, the best stops were Salesforce (3.21%), Disney (2.99%) and Apple (2.67%), while the biggest losses were recorded by Intel (-1%) and Chrevron (-0.56%).

Elsewhere, Texas oil rose to $95.94 a barrel, the 10-year Treasury yield rose to 2.794%, gold fell to $1,782.20 an ounce and the dollar gained slightly against to the euro, with an exchange rate of 1.014.

Samuel Edwards
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