Riley Securities.įresh figures showed that 269,000 Americans applied for first-time unemployment benefits in the week ended Oct. “The cost of going to the grocery store and filling your car with gas is the biggest issue right now,” said Mr. Rising prices also feed into other issues, like supply-chain problems and a tight labor market. After the Fed announcement, traders stuck with wagers on stubbornly high inflation. Still, inflation concerns are clearly on investors’ minds. The Federal Reserve has said it would start scaling back bond buying.

“And yes, yesterday we got an announcement that the force is going to get weaker but even then you still have this force that is lifting the market.” “This liquidity being pumped into the market is the single most powerful force on earth,” said Hani Redha, a portfolio manager at PineBridge Investments. On Wednesday played down the prospect of an imminent turn to raising interest rates. Shares plunged $61.90, or 18%, to $284.02 after it cut its forecast for full-year 2021 Covid-19 vaccine deliveries, citing longer delivery lead times for international shipments.Įven with the reduction in the Fed’s pandemic-driven stimulus, investors say the bond-buying program and low interest rates will continue to support stocks. health regulators cleared a Covid-19 drug it developed with partner Ridgeback Biotherapeutics. The Wall Street Journal reported that the auto maker andĪre negotiating over how quickly the rental-car company will receive deliveries from a bulk order of 100,000 Tesla vehicles. Gained $17.63, or 13%, to $156.11 after the mobile-phone chip company posted record quarterly sales and forecast further growth powered by surging demand for 5G smartphones. A strong earnings season so far has shown that Americans are still eager to pay for companies’ products and services, curtailing worries about the effect of higher prices.

With the Fed news out of the way, equities investors have turned their attention back to corporate profits. “The markets saw this as basically a kind of neutral move, even though they are cutting some,” he said.

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