Connect with us

Business

S&P 500 hits record high as banks rally for Powell’s appointment

Published

on

 


  • Financials are recovering in the face of rate hike expectations
  • Nasdaq falls as high Treasury yields put pressure on tech stocks
  • Apple at record high, JPM sees iPhone offering improving
  • Fed governor Lael Brainard will be its vice president
  • Indices: Dow up 0.86%, S&P up 0.66%, Nasdaq down 0.16%

Nov. 22 (Reuters) – The S&P 500 hit an all-time high on Monday after President Joe Biden picked Federal Reserve Chairman Jerome Powell to lead the central bank for a second term, with Wall Street lenders rallying to the prospect of an interest rate hike in 2022.

But the Nasdaq (.IXIC) has lagged its peers, falling from record highs as rising Treasury yields weighed on major tech stocks.

Powell’s appointment has been widely praised by investors who were hoping there weren’t any big changes within the Fed as she guides the economy through a post-COVID recovery. The central bank is expected to announce a return to pre-pandemic policy by the end of 2022. Read more

Register now for FREE and unlimited access to reuters.com

Fed Governor Lael Brainard, who was the other leading candidate for the post, will be vice president, the White House has announced.

“Markets love predictability… while Brainard may have been a good choice, markets wouldn’t know what to expect from it even if the general consensus was that it meant lower rates for longer,” said said Randy Frederick, Managing Director of Trading and Derivatives, Charles Schwab, Austin, Texas.

The S&P 500 (.SPXBK) banking sector jumped 2.8%, following higher Treasury yields as investors factored in policy tightening by the first half of 2022. Wells Fargo & Co (WFC.N) led the gains among major Wall Street banks, adding 3.7%.

“The message is that we are on the right track to reduce the tapering and we are heading towards higher interest rates, which will most likely be raised in the middle of next year, and I think Wall Street has already digested it. most of that, ”said Robert Pavlik, senior portfolio manager at Dakota Wealth Management.

“It’s kind of another confirmation that the Fed has a plan.”

Fed policy rate futures have indicated that money markets now expect the U.S. central bank to raise interest rates by 25 basis points by next June, from a previous estimate of July.

As of 11:46 a.m. ET, the Dow Jones Industrial Average (.DJI) was up 304.44 points, or 0.86%, to 35,906.42 and the S&P 500 (.SPX) was up 30.82 points, or 0.66%, to 4,728.78. The Nasdaq Composite (.IXIC) lost 26.03 points, or 0.16%, to 16,031.41.

Investors were now expecting a plethora of economic data this week, including IHS business activity readings, personal consumption spending and the minutes from the last Fed meeting.

Among other players, Apple Inc (AAPL.O) jumped 2.6% to an all-time high after JP Morgan reported possible improvements in iPhone 13 supply in the coming months.

Tesla Inc (TSLA.O) gained 3.9% after CEO Elon Musk tweeted that the Model S Plaid will “likely” arrive in China around March. Read more

Activision Blizzard (ATVI.O) fell 2.4% after a media report that video game publisher chief executive Bobby Kotick would consider leaving if he could not quickly address concerns about corporate culture. Read more

The advancing issues outnumbered the declines by a 1.55-to-1 ratio on the NYSE. The problems down were more numerous than the advances for a ratio of 1.30 to 1 on the Nasdaq.

The S&P Index recorded 44 new 52-week highs and nine new lows, while the Nasdaq recorded 120 new highs and 404 new lows.

Register now for FREE and unlimited access to reuters.com

Reporting by Ambar Warrick and Devik Jain in Bangalore; Additional reports by Bansari Mayur Kamdar and Shreyashi Sanyal; Editing by Shounak Dasgupta and Maju Samuel

Our standards: Thomson Reuters Trust Principles.

Sources

1/ https://Google.com/

2/ https://www.reuters.com/markets/europe/futures-rise-covid-sensitive-sectors-recover-2021-11-22/

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]