Friday , 19 July 2024

US Stocks Jump as Comments from Fed’s Brainard Calm Investors

iStock/Thinkstock(NEW YORK) — Wall Street rallied as investors were calmed by Federal Reserve Gov. Lael Brainard’s comments on an interest rate raise.

The Dow soared 239.62 (+1.32 percent) to finish at 18,325.07.

The Nasdaq gained 85.98 (+1.68 percent) to close at 5,211.89, while the S&P 500 finished at 2,159.04, up 31.23 (+1.47 percent) from its open.

Crude oil pushed up less than 1 percent with prices hitting over $46 a barrel.

Federal Reserve: Brainard, a member of the Fed’s Board of Governors, seemed to uphold any doubts about a Fed rate hike this month in a key speech in Chicago Monday that investors clearly loved. She made a case for holding rates as they are for now, and said leaving them unchanged “has served us well in recent months, helping to support continued gains in employment and progress on inflation.”

Her comments are the last to be made before the Federal Open Market Committee meeting next week.

Tesla: After introducing an upgrade to its Autopilot software over the weekend, Tesla’s shares jumped 2 percent. The electric car-maker said the most significant update was the onboard radar, now the primary sensor, using “more advanced signal processing to create a picture of the world” that was not included in vehicles before October 2014. It’s the first update to Autopilot for Tesla since a Florida driver was killed using the software in May.

Donald Trump: Donald Trump’s luxury hotel on Pennsylvania Avenue, steps away from the White House, was given a “soft” opening on Monday with Trump, Ivanka Trump, and Rudy Giuliani making appearances. Protesters gathered in front of the Trump International Hotel that boasts rooms for over $500 a night. The official grand opening for Trump’s 263-room castle-like landmark is set for next month.

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