News – PH – US stocks tend to be lower on interest rate concerns

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NEW YORK: Wall Street largely pulled back on Monday, with technology stocks the hardest hit amid growing concerns that lending rates will rise, the US economy – and prices – recovering / p>

The benchmark index Dow Jones Industrial Average reversed early losses and closed with a gain of less than 01 percent at December 3152169

However, the broad-scale S&P 500 fell about 08 percent to 38765, while the tech-rich Nasdaq Composite Index was the big loser, losing 2.5 percent to 1353305

As Congress moves towards approval of a huge $ 1 billion stimulus packages that will accelerate growth and job creation Investors have increased the yields on 10-year Treasury bills – usually a sign of inflation and rising interest rates

Peter Cardillo of Spartan Capital noted that rising lending rates hit tech companies harder as they rely more on funding

“But this time it may not, as the Fed keeps saying it won’t change its rate policy for some time”

In fact, Federal Reserve Chairman Jerome Powell has repeatedly assured that the Federal Reserve has no plans to raise the key rate until employment recovers and inflation begins to rise

He will have another opportunity to address the issues during two days of testimony in Congress on Tuesday and Wednesday

Among stocks, Boeing had a volatile day and eventually closed more than two percent lower after an engine on one of its 777 aircraft failed and disintegrated over the weekend, forcing a flight out of Denver to land and land 128 aircraft with the same Pratt & Whitney engine carried

Stock, Federal Reserve System, Inflation, Jerome Powell

News – PH – US stocks tend to be lower on interest rate concerns
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Source: https://www.brecorder.com/news/40067032