Wall Street fell slightly after four days of growth - N1

2022-03-24 03:17:18 By : Ms. July Lee

On Wall Street on Monday, stock prices fell, after four days of growth, as investors wavered sharper than expected from Fed President Jerome Powell’s comments on inflation and interest rates.The Dow Jones fell 201 points or 0.58 percent to 34,552 points, while the S&P 500 fell 0.04 percent to 4,461 points and the Nasdaq index 0.40 percent to 13,838 points.Last week, all three indices recorded the biggest weekly jump since November 2020, after the US Federal Reserve raised key interest rates by 0.25 percentage points and announced further increases in the price of money by the end of the year.This has removed some of the uncertainty from the market, but there is still uncertainty about further rising inflation and the rate of increase in Fed interest rates.The central bank must move expeditiously to curb inflation, Fed President Powell said at a business conference yesterday, adding that if needed, interest rate increases could be higher than usual.This has worried investors somewhat."Most of what Powell said yesterday was said last week.The only question is whether the Fed will increase interest rates by 0.50 percentage points at the next session or later, ”said Matthew Keator, a partner at Keator Group.Following Powell's comments, the money market is estimated to have a 60 percent chance that the Fed will raise interest rates by 0.50 percentage points at its next session in May.Wall Street rose last week thanks to investors' hopes for a positive outcome to negotiations between Russia and Ukraine.However, the deal does not seem to be in sight yet, and fierce Russian military attacks on Ukrainian cities are not weakening, contributing to uncertainty in financial markets.Meta Platforms' share price fell sharply by more than 2 percent yesterday after a Moscow court declared Facebook an extremist organization and banned the social network in Russia.And on most European stock exchanges, stock prices fell yesterday.Admittedly, the London FTSE index strengthened 0.51 percent to 7,442 points, but the Frankfurt DAX fell 0.60 percent to 14,326 points and the Paris CAC 0.57 percent to 6,582 points.Follow N1 via Android applicationiPhone / iPad and Social Networking TwitterFacebook |Instagram.