- Title: S&P 500 ends little changed as Powell says Fed still a ways away from rate hikes
- Date: 28th July 2021
- Summary: BALTIMORE, MARYLAND, UNITED STATES (JULY 28, 2021) (REUTERS) (SOUNDBITE) (English) LARRY ADAM, CHIEF INVESTMENT OFFICER AT RAYMOND JAMES, SAYING: "No, I don't think there's really any surprises. I think the Fed's have been very patient all along. I actually think they're waiting for next week. And if you think about what's going to happen next week, you're going to get some more unemployment data. You're going to get some ISMs (manufacturing data). So they'll get another look at how the economy's doing before they start to commit to their tapering program. So I think it's pretty much par for the course what they did today. The bigger meeting will obviously be the next one, next September."
- Embargoed: 11th August 2021 21:37
- Keywords: COVID-19 Delta variant Dow Jones Nasdaq S&P 500 Wall Street coronavirus equities index indices markets shares stocks trading vaccine
- Location: NEW YORK, NEW YORK + BALTIMORE, MARYLAND, UNITED STATES
- City: NEW YORK, NEW YORK + BALTIMORE, MARYLAND, UNITED STATES
- Country: USA
- Topics: Company News Markets,Economic Events,United States
- Reuters ID: LVA002ENR8OCN
- Aspect Ratio: 16:9
- Story Text: The S&P 500 ended little changed on Wednesday (July 28) after Federal Reserve Chair Jerome Powell said the central bank was still a ways away from considering raising interest rates.
The Nasdaq ended sharply higher, with shares of Google parent Alphabet Inc. hitting an all-time high as a surge in advertising spending helped it post record quarterly results.
In a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had "some ground to cover" before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic's economic shocks.
The S&P 500 index reversed slight declines following the Fed's statement, while the Dow pared losses and the Nasdaq added to its gains.
The Fed also kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.
In its statement that came at the conclusion of its latest two-day policy meeting, the central bank also said that higher inflation remained the result of "transitory factors."
(Production: Angela Moore, Hyeongmi Kim, Aleksandra Michalska, Fred Katayama)
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