US stock markets mixed ahead of Fed meet

by Jonathan Adams
stock markets

The Nasdaq Composite finished 104.72 points higher at 14,175.14, and the Dow Jones Industrial Average dropped 85.85 points to 34,393.75

US stock markets began the week mixed as investors and traders awaited Fed’s monetary policy meeting due later this week.

The market wants the Fed not to be dramatically wary of fears of inflation or taper too quickly, said Thomas Hayes, chairman and managing member of Great Hill Capital LLC in New York. In order for this market to be pushed further, technology needs to start implementing.

Technology stocks boosted the sixth of the last seven sessions on Monday. The Nasdaq Composite finished 104.72 points or 0.74% higher at another high of 14,175.14.

The 30 Dow Jones Industrial Average (DJIA) dropped 85.85 points (0.25%) to 34,393.75, but the deficit was much deeper earlier in the day.

Despite spending most of its day in the negative territory, the Standard and Poor’s 500 (S&P 500) recorded a marginal increase. The key index advanced 7.71 points or 0.18 percent to 4,255.15 amid bargain hunting.

In currency markets, the US dollar remained almost unchanged, losing a few basis points against some currencies and rising in others.

The euro rose slightly to 1.2120. The pound sterling reached 1.4110. The Japanese yen declined to 110.08. The Swiss franc eased to 0.8997.

The Canadian dollar was almost unchanged at 1.2143. The Australian dollar was stable at 0.7711. The New Zealand dollar rose to 0.7143.

In Europe, London’s FTSE 100 increased 0.18%. In Paris, CAC 40 increased 0.24%. German Dax rose 0.13 percent.

In Asia, Australia’s stock market was closed for the Queen’s Birthday holiday weekend.

In Japan, the Nikkei 225 hit a record high, rising 213.07 points (0.74%) to close on Monday at 29,161.80.

China’s Shanghai Composite Index dropped 21.11 points (0.58%) to 3,589.75.

In Hong Kong, the Hang Seng Index advanced 103.23 points (0.36%) to 28,8.13.42.

This article is for information purposes only.
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