US stocks headed higher a day after the Fed raised interest rates. Technology companies led the gains, while the dollar weakened slightly and the yield on ten-year US Treasury bonds fell to 4.949 percent.
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Nasdaq driven by tech, S&P 500 also gains
The technology-focused Nasdaq Composite rose 1.69 percent to 26,418.30 points. The broader S&P 500 index added 1.14 percent, closing at 7,637.76 points, while the Dow Jones Industrial Average gained 0.61 percent to 51,778.04 points. Technology firms, discretionary consumer goods companies, and commodity producers performed best.
The gains came after Wednesday’s decline, which followed the US central bank’s decision to raise interest rates and signal the possibility of further monetary tightening. According to James St. Aubin, chief investment officer at Ocean Park Asset Management, the Fed’s hawkish tone was somewhat more pronounced than the market had expected, but investors subsequently began reassessing its impact.
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Dollar eases slightly after sharp rally
The US dollar lost a little ground against major world currencies, yet remained close to its highest levels since late July. The dollar index was down around 0.03 percent at 100.221 points at 9:30 p.m. CEST, after rising 0.7 percent in the previous session and posting its strongest day in the past three months.
The dollar weakened 0.21 percent against the Japanese yen to 155.95 JPY. The euro, on the other hand, gained 0.13 percent against the US currency to $1.482. Meanwhile, the yield on ten-year US Treasury bonds pulled back from recent highs to 4.949 percent.
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Source: ÄŒTK
