Interest rate decision and numbers dominate Wall Street


Published on January 29, 2020 10:18 PM |
        Views: 2,233
| Topics: interest

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NEW YORK (AFN) – The stock markets in New York stayed close to home on Wednesday. Investors processed the Federal Reserve interest rate decision and a series of results from large companies such as technology giant Apple, aircraft manufacturer Boeing and industrial conglomerate General Electric (GE). The developments surrounding the new corona virus were also monitored.

The Dow-Jones index ended the day a fraction in the plus at 28,734.45 points. The broad-based S&P 500 fell 0.1 percent to 3273.40 points and the Nasdaq tech fair rose 0.1 percent to 9275.16 points.

The Federal Reserve kept the most important interest rates the same and called the current policy “appropriate”. However, Fed President Jerome Powell clarified that policy makers are not happy with inflation that is long below 2 percent. This may offer room for a further interest rate cut after the three of last year.


Apple was set 2.1 percent higher. The company posted record results in the last quarter, mainly due to strong demand for its latest iPhones during the holiday season. A year ago, Apple came up with a sales warning due to a disappointing demand for iPhones.

Boeing (plus 1.7 percent) ended up in the red in the last quarter and throughout 2019 due to problems with the 737 MAX. It has been on the ground worldwide since March last year after two crashes of the type in a short time. Boeing now estimates the total cost of the 737 MAX crisis at nearly $ 19 billion.


GE said it had a strong end to 2019. The company was able to boost its profit, particularly in its aviation division, and rose more than 10 percent on the stock market. Coffee chain Starbucks (minus 2.1 percent) fears that the outbreak of the new corona virus in China will have a considerable effect on its results in the coming period. Fast food chain McDonald’s (plus 1.9 percent) also keeps the doors of many Chinese restaurants closed. Chip company AMD was lowered by 6 percent after the company’s forecasts were disappointing.

The euro was worth $ 1,1007 against $ 1,1001 at the close of the European stock exchanges. A barrel of American oil cost 0.6 percent less than $ 53.15. Brent oil became 0.3 percent more expensive, at $ 59.67 a barrel.



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