The New York Dow Jones Stock Exchange closed higher on Tuesday (January 10) after Federal Reserve Chairman Jerome Powell gave no indication of the Fed’s direction during his last speech While investors eyed the release of the Consumer Price Index (CPI) for December in the United States on Thursday.
The Dow Jones Industrial Average closed at 33,704.10, up 186.45 points, or +0.56%, the S&P 500 closed at 3,919.25, up 27.16 points, or +0.70%, and the Nasdaq Index closed at 10,308, up 61,742. points, or +1.01%.
Mr. delivered Powell’s speech on the independence of the central bank. In a conversation held by the Swedish Central Bank in Stockholm yesterday Mr Powell emphasized the need for central banks to be independent of political influence. At a time when the central bank is stepping up to curb rising inflation. But Mr Powell made no comments on the direction of the Fed’s interest rates in the discussions.
“Using measures to stabilize the price Difficult decisions are needed. which may not please the politicians Price stability is the foundation of a strong economy. and it will benefit the public in the long term But restoring price stability while inflation is high Steps need to be taken which could cause dissatisfaction in the short term. As we raise interest rates to slow down the economy the political parties do not use their power to control our decisions This allows us to take the necessary measures without considering short-term political factors,” said Powell.
Technology and communications stocks rose strongly. Led by Amazon stocks rose 2.87%, Alphabet shares rose 0.45%, Snap stock rose 2.34% and Meta Platforms rose 2.72%.
Microsoft stock jumped 0.76% after Semafor reported, citing a source. Microsoft is negotiating a $10 billion investment in OpenAI, which owns ChatGPT ChatGPT is software designed to mimic human communication. who have various abilities such as dialogue and article writing
Energy stocks rose alongside oil prices. Exxon Mobil stock rose 1.46%, Chevron stock rose 0.49%, Halliburton stock rose 1.24%, Konoco Phillips rose 0.61%.
Major US chipmaker Broadcom fell 0.34 percent, its second straight session of declines, Bloomberg News reported citing sources who said. Apple plans to stop buying chips from Broadcom in 2025 and switch to chips designed by Apple.
Investors keep an eye on the US CPI, which measures inflation on consumer spending. December on this Thursday Although analysts expect the headline CPI, which includes food and energy, to rise 6.6% in December year on year. That is slower than 7.1% in November and the core CPI, excluding food and energy, is expected to rise. rising 5.7% in December year on year. This slowed by 6.0% in November.
