S&P/ASX 200 Australian stock markets closed higher today. This was driven by strong buying in banking and health care stocks. However, resource stocks declined. after falling commodity prices Amid concerns about interest rate hikes and inflation risks
The S&P/ASX 200 index closed at 7,396.50, up 17.30, or +0.23%, and the All Ordinaries closed at 7729.90, up 16.70, or +0.22%.
Banking stocks rose 0.7%, with all big four bank stocks rising. These include National Australia Bank, Australia and New Zealand Banking Group, and Westpac Banking Group.
Healthcare stock index rose This was the third straight day of gain, with CSL shares jumping 0.6%.
Investors keep an eye on President Joe Biden is preparing to nominate a candidate for the role of Federal Reserve Chair, a White House official said. Biden will decide the matter before Thanksgiving on Nov. 25, indicating that Biden may announce the decision next week.
Fed Chair Jerome Powell and Fed Governor Lael Brenard are the two favorites to be named as the new Fed chairman. Powell will complete his four-year term in February. 2022
It is expected that If Biden nominates Powell as Fed chairman for a second term, he could nominate Brenard as Fed vice president of governance. This will be responsible for setting rules for the Wall Street stock market.