Sigh of Relief for Wall Street

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Sigh of Relief for Wall Street
Sigh of Relief for Wall Street

Sigh of Relief for Wall Street

The Wall Street witnessed a positive day yesterday where the speech of Fed Chairman Janet Yellen resulted in taking the US stocks up, as she hinted towards keeping the stimulus support continue for now rather than moving towards further tapering the bond buying plan.

Janet’s Words

She reiterated the fact that there are some shortcomings or ‘considerable slack’ in the labor market that needs to be fixed and that would take some time, hence the extraordinary monetary support in the economy would help the businesses and employment level to flourish. The word ‘extraordinary’ is considered to have a very deep impact here which means that the heavy duty $75 billion worth of monetary injection would remain there for at least a few months to make things look satisfactory.

Wall Street’s Move

The S&P 500 index managed to gain by nearly 1% where it tested 1874 level and is facing resistance at 1877 and 1882, crossing above which could lead it to test the psychological resistance level of 1900; whereas, the Dow Jones industrial average surged by 157 points and tested 16480 level.

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AT&T and General Motors

AT&T Inc. saw its share value jumping by 1.1% as it approved the program to buy-back nearly 300 million shares, hence indicating that the company is expecting its share price to go up further that is why the company is buying back and would savor with the gains.

Also, General Motors company’s shares dipped by 1.1% as the automobile maker giant confirmed that it would be recalling its vehicles in order to fix some potential issues that might be there.

Ukraine at Peace – Well Almost

Moreover, the tensions are apparently easing down in Ukraine as the dispute is being figured out by the politicians and a democratic solution through dialogue would surely help both the sides to stay at peace and would cause the markets to gain due to increased investor confidence in the markets.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com