Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Dow Inches Higher as Fed Keeps Rates Steady; Big Tech in Political Hot Seat

Published 07/29/2020, 12:57 PM
Updated 07/29/2020, 02:34 PM
© Reuters.

By Yasin Ebrahim

Investing.com – The Dow inched higher on Wednesday after the Federal Reserve left interest rates unchanged and signaled ongoing support for the economy.

The Dow Jones Industrial Average rose 0.48%, the Nasdaq Composite gained 1.34% and the S&P 500 added 1.13%.

The Fed kept its benchmark rate near zero and suggested rates would remain in this range "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals." 

The Fed's decision comes investors digested a slew of mixed earnings from corporates.

Heavyweight Dow component Boeing (NYSE:BA) falling 2.6% after reporting mixed quarterly results. The aircraft maker reported wider-than-expected quarterly losses and warned it would trim production amid weakness in the aviation sector.

Shopify Inc (NYSE:SHOP) fared better, rallying 7% as the e-commerce company delivered blowout second-quarter results, with earnings and revenue topping analysts' consensus estimates.

Starbucks (NASDAQ:SBUX) climbed 4% as it raised its earnings outlook for the year after reporting a smaller-than-expected loss in the fiscal third-quarter.

General Electric (NYSE:GE) posted a bigger-than-expected quarterly loss as its performance was hurt by weakness in its jet-engine business, sending its shares more than 3% lower.  

Tech held onto gains as Facebook (NASDAQ:FB), Alphabet (NASDAQ:GOOGL), Amazon.com (NASDAQ:AMZN), Microsoft and Apple  (NASDAQ:AAPL) provided testimony in a congressional hearing on antitrust in Big Tech. The sector was also helped by surge in chip stocks, led by a 12.6% pop in Advanced Micro Devices (NASDAQ:AMD) as the chipmaker raised its revenue guidance and beat quarterly earnings estimates.   

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Energy, meanwhile, was helped by a rise in oil prices following data showing U.S. stockpiles unexpectedly declined by more than 10 million barrels last week.

In other news, Eastman Kodak Co (NYSE:KODK) jumped 462% after the company's received a federal cash injection to produce ingredients needed for generic drugs as President Donald Trump further efforts to lower drug prices.

Latest comments

Trump has now single-handedly killed nearly 150,000 Americans and his cohorts in Texas and Florida have been largely responsible for the death spike during the past month. Say good night, Donny. Oh, and did I mention Dr Donny also destroyed the robust US economy that Obama and Biden handed him on 1/20/17? Turn out the lights on your way out of the Oval Office for the last time on 1/20/21, Donny Boy.
there has been billions in property damage in democrat-run cities due to the lot.ing and rio.ting. they are attacking federal building in portland, including throwing explosives. more black people including child/ren have di.ed during the BL.M riots the past couple of months than the total number of black people ki.lled by police in the past decade. quit huffing the propaganda and trying to destroy the country because you are worried about demented biden losing in november.
LIAR!
How could "big small minded tech" shut down the video of an African American Doctor who said she cured all 350 US patients with hydroxychloracane and zink? Even those that were over 90 years old etc? They will never recover from their censorship fascism - all 14 million people that saw the video on fb will vote for Donald Trump
A toxin that cured people in Africa for 70 years ... must be a good one 🤣
the irony of st.upid democra.ts like him who would are so brainwashed by their hat.red of trump they would rather see people die do not realize that tracheal lavage is a real thing and has been tested for covid and other conditions. they are so stu.pid they just have to go around like children saying "inject bleach". this is why they lost in 2016, and will lose again in 2020. i am sure if it was their family who was ill they would not let their family die and would be willing to try a medication that has been around for decades and has been shown to reduce mortality rate by nearly 50% when utilized earlier in treatment. nope, they would rather big pharma make $2000/dose on a vaccine that is under 50% effective. meanwhile we now know the virus is less deadly than the common flu
1/3 of the total report US covid deaths were in NY and related to cuomo locking elderly people in nursing homes. after that policy was ended, the death rate has plummeted and has remained near all time lows. hospitals all over the world are using HCQ to reduce mortality rate. US media would rather people die because of their pure hatred of trump. sick disgusting people. fortunately most people see right through it. why the democrats had to resort to looting and rioting when they lost the covid game. people saw through the fake mortality numbers. why they only talk about "case counts" now as we see it is much less deadly than they initially reported. got took keep the sheep in fear until november.
might see a little fall upto 25700 if could not 26300 if any badnews can also see a bigfall 24000
pinches divergencias se las pasan por los huevos
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.