Reporters reported that The Dow Jones Industrial Average jumped more than 300 points today (2 Feb.22), with all stocks rising. As investors flocked to buy stocks that had dropped earlier in trading, at 9:48 p.m. GMT, the Dow Jones Industrial Average was 33,608.55, up 313.60, or 0.94%.
where energy stocks rose to lead the market The positive factor was the soaring of oil prices in the world market. WTI futures rose above $112, while Brent crude prices rose above $113 in response to the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus
However, investors keep an eye on the crisis in Ukraine. The Russian and Ukrainian delegations will hold a second round of peace talks today after the first round of talks failed to reach an agreement. Investors also followed a statement from Federal Reserve Chairman Jerome Powell. Fed) to Congress today
Several news outlets have published a draft statement that Powell is due to address the House of Representatives Financial Services Committee today at 10 a.m. Senate Banking Commissioner Tomorrow
Powell is due to give a speech to Congress this week to express his vision of the U.S. economy. and the Fed’s monetary policy amid rising inflation and the crisis in Ukraine
The media reported that Mr Powell’s statement said: The Fed will continue to follow its plan to raise interest rates this month to curb inflation. Although the crisis in Ukraine has created a lot of uncertainty about future prospects.
Mr Powell stated that Soaring inflation and a tight labor market are the reasons for the Fed to raise interest rates.
“We expect it to be appropriate for the Fed to raise its short-term interest rate target at our meeting this month. And the Fed will downsize its balance sheet later this year. from the current level of 8.5 trillion dollars.”
“The near term impact on the US economy from the Russian invasion of Ukraine, the ongoing war, the sanctions. and upcoming events There is still a lot of uncertainty. We must act according to the information received. and changing trends,” Powell said.
Powell, however, did not signal how quickly and strongly the Fed would raise interest rates. by stating only that The Fed expects inflation to slow this year.
In addition, Mr Powell stated that Covid-19 epidemic has had a slight impact on the economy While employment remains strong And inflation is the most important risk factor.
In February, the US economic data released by Automated Data Processing, Inc. (ADP) and Moody’s Analytics said private sector jobs increased by 475,000 in February. . 400,000 positions above analyst expectations.
The ADP also revised its January payrolls to 509,000 from a previously reported 301,000 decline, while the service sector added 419,000 jobs in February. while the manufacturing sector employs 56,000 jobs.
The US Department of Labor will release the number of nonfarm payrolls for February on Friday. While analysts predicted that The number of jobs will increase by 415,000 in the month.
Earlier, the US Department of Labor said Non-farm payrolls rose 467,000 in January. The unemployment rate rose to 4.0%, above analysts’ forecast of 3.9 percent.
