US Stock Markets Closed Higher After a Turbulent Session.
London, Thursday, 18 August 2022
The S&P 500 and Nasdaq 100 both gained around 0.2% as investors absorbed more corporate earnings reports and took into account hawkish comments from multiple Fed policymakers, while the Dow closed nearly flat.
After exceeding Wall Street expectations for its fiscal second-quarter 2022 sales and profitability, BJ's Wholesale Club saw a more than 7% increase.
Following the release of results that surpassed analysts' expectations, Cisco Systems saw a nearly 6% increase.
On the other hand, Kohl's lost about 8% when the business provided full-year projections that disappointed investors.
James Bullard, president of the Louis Fed, echoed the Fed's objective to tighten monetary policy and expressed a preference for a further 75 bps raise in September.
In order to lower inflation to its 2% target, San Francisco Federal Reserve President Mary Daly emphasised the necessity to raise interest rates.
(Report by: The Decision Maker – Finance editors in New York)