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Fed Announces Tapering For Later This Month, U.S. Stock Market Closes At Records, European Mixed

London, Wednesday, 3 November 2021 -

The Federal Reserve announced it will start tapering later this month, sending all major U.S. indices at record highs, while keeping its benchmark interest rate unchanged.

Chairman Jerome Powell ensured that monetary policy will take into consideration the disruptions cause by Covid-19.

S&P 500: +0.65% or 30 points to 4,660 after posting a new record of 4,663.46 during the session.

Dow Jones: +0.29% or 104 points to close at 36,127 after hitting an all-time high of 36,178.51 before the closing bell.

Nasdaq: +1.04% or 161 points to 15,811 after hitting all-time high of 15,821.57

VIX volatility index: -5.3% to 15.17

U.S. dollar index: -0.22% to 93.88

The yield on 10-year US Treasury notes, however, was up 3.1% to 1.595%.

Oil prices lost more than 4% before the critical meeting of OPEC and its allies Thursday.

International benchmark Brent crude was trading at $81.29, down 4.05%, while US benchmark West Texas Intermediate fell 4.8% to $79.89.

Precious metals

Gold: -0.85% to $1,772 per ounce

Silver: flat at $23.54.

European markets

European stock markets were mixed on Wednesday, with three indices climbing to new record highs.

STOXX 600: +1.69% or 0.35%, to close at a new all-time high of 481.22 points.

FTSE 100 in London: -0.36% or 26 points closing at 7,248

DAX 30 in Germany: +0.03% or 5.5 points to almost 15,960

CAC 40 in France: +0.34% or 23 points to 6,950 after it climbed to a new record high of 6,955.10 points during the day.

FTSE MIB 30: +0.69% or 188 points ending at fresh record high of 27,377.87

IBEX 35 in Spain: -0.82% or 75 points to close at 9,030

(Written and edited by: The Decision Maker)


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