Fed and Biden hardly move on Wall Street – Wel.nl

New York (ANP) – The New York stock market was not trading very high on Wednesday. The indicators barely moved, even as the minutes from the last Fed meeting showed that it might be some time before interest rates are raised again. President Joe Biden’s explanation of his vast investment plan also caused a bit of an uproar.

The leading Dow Jones index closed the session modestly higher at 33,446.26 points. The broad S&P 500 index won 0.2 percent to a new record of 4,079.95 points, and the Nasdaq index lost less than 0.1 percent to 13,688.84 points.

According to the Fed, it may take some time before conditions are met, for example to reduce the overall buyback program. The central bank confirmed that the key interest rate will certainly remain close to zero until 2023.

Biden

Biden said his plan to invest more than $ 2 trillion in infrastructure was necessary to ensure the leadership position of the United States. He specifically mentioned the emerging power of China. The president said he will hear from politicians who oppose his proposal to increase the corporate tax rate from 21 percent to 28 percent.

Cruise providers have performed well among companies. They may be able to sail again if the Corona pandemic recovery allows. The carnival also opened the books and indicated that he had enough money to return to full business. Norwegian Cruise Line, Carnival and Royal Caribbean closed 1.4 percent higher.

AMC Entertainment

Moreover, AMC Entertainment (minus 3.4 percent) was among the losers. The movie chain has already gained a lot of stock market capitalization this year, in part due to the frenzy caused by private investors. According to some experts, despite nearly doubling its value in the stock market, AMC has not been able to turn this fact into a better competitive position. They advise to sell the stock.

Computer maker Dell won more than 2 percent. The company has benefited from a positive analyst report that Dell will benefit from increased investment in IT.

The euro was equal to $ 1.1871, compared to $ 1.1849 at the close of European stock exchanges. The price of a barrel of US oil is now 0.4 percent at $ 59.58. Brent oil price increased 0.3 percent to $ 63.02 a barrel.