Market Update

The New York Stock Exchange (NYSE) finished Wednesday’s trading mixed, after the release of the Fed policy statement. The Dow Jones Industrial Average closed higher by 36.78 points, or 0.1%, at 28,032.38 points. The S&P 500 index declined by 15.71 points, or 0.5%, and closed at 3,385.49 points. Similarly, the …

Oil prices rose on Wednesday, amid output disruptions in North America, particularly in the Gulf of Mexico, and after the US Energy Information Administration (EIA) reported a decline in crude inventories last week. Brent crude futures for November delivery increased by $1.69, or 4.2%, to finish at $42.22 per barrel. …

The United States Federal Reserve has decided in its meeting, held on Tuesday and Wednesday, to maintain the current rates, expected to maintain rates steady until inflation exceeds 2%. As expected, the Fed expressed commitment to maintain interest rates near 0%. This is the first meeting for the US monetary …

Gold prices rose on Wednesday, amid a fluctuating performance by the US Dollar (USD), which came mostly in the negative territory ahead of the release of the US Federal Reserve policy statement. Gold futures for December delivery increased by $4.30, or 0.2%, and settled at $1,970.50 per ounce.

Data of the United States Energy Information Administration’s (EIA) weekly report showed on Wednesday that crude oil inventories in the US declined by 4.4 million barrels last week. This comes against market analysts’ expectations of a 1.27 million barrel rise in US oil stockpiles.

European stocks closed higher on Wednesday, amid anticipation for the results of the US Federal Reserve meeting. The Stoxx Europe 600 gained 0.43% and closed at 372.57 points. Meanwhile, the UK’s FTSE100 declined by 0.44%, amid Brexit uncertainty. In France, the benchmark index CAC40 edged up by 0.13%, while in …

The new Prime Minister of Japan, Yoshihide Suga, has vowed to protect employment against the effects of the COVID-19 pandemic. On Wednesday, in his first remarks as the successor of Shinzo Abe, the Prime Minister said that COVID-19 is the biggest challenge facing the Japanese economy, Reuters reported. Following the …

Consumer spending in the United States slowed last month, according to data released on Wednesday. The value of overall sales increased 0.6%. Retail sales, excluding automobiles, gasoline, building materials, and food services, decreased by 0.1% in August, after rising by 0.9% in July, as per the reading revised from a …

Homebuilder confidence in the United States increased to a record high in September, data showed on Wednesday. The NAHB/Wells Fargo Housing Market Index (HMI) went up by five points to a record high of 83 in September. This comes amid historically low mortgage rates due to the COVID-19 pandemic.

Business inventories in the United States rose in July, for the first time in 2020, data showed on Wednesday. Business inventories increased by 0.1% in July, after decreasing by 1.1% in June, according to the US Department of Commerce. Retail inventories grew by 1.2%, while wholesale inventories fell by 0.3%.