S&P 500 Index climbs above 4,400 after FOMC announcements
|With the initial market reaction to the US Federal Reserve's policy announcements, Wall Street's main indexes continue to push higher. As of writing, the S&P 500 Index was up 1.4% on the day at 4,415, the Dow Jones Industrial Average was rising 1.5% at 34,415 and the Nasdaq Composite was gaining 1.3% at 14,942.
Although the FOMC's updated Summary of Economic Projections revealed that the number of policymakers who see a rate hike in 2022 rose to 9 from 7 in June, the Fed refrained from delivering a tapering timeline in its policy statement.
Fed leaves policy rate unchanged, judges asset tapering may soon be warranted.
Breaking: Fed policymakers see first rate hike in 2022.
The Fed said moderation in the pace of asset purchases may soon be warranted in case progress continues toward employment and inflation goals broadly but didn't clarify if that would occur before the end of the year. Investors are now waiting for Chairman Jerome Powell to deliver his opening remarks on the policy outlook and respond to questions.
Fed Quick Preview: Dots, taper signal insufficient for dollar, Powell could further plunge it.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.