S&P 500 Rises Tech Rally as Investing.com Sees Fed Rate Rise “Soon”

By Yasin Ebrahim

Investing.com – The S&P 500 merged on Wednesday, driven by a Microsoft-driven technology recovery, as the Federal Reserve said it could begin raising interest rates in March, which was largely expected.

1.2% increase. It rose 0.7%, or 225 points, and the Nasdaq gained 2%.

The Federal Reserve’s mounting policy update largely coincided with investor expectations, with the central bank saying it could be “soon” appropriate to raise rates, and confirmed plans to end its bond-buying program in early March.

“With inflation above 2 percent and a strong labor market, the Commission hopes it will soon be appropriate to raise the target range for the federal funds rate,” the Fed said in a statement.

Microsoft (NASDAQ 🙂 rose more than 4% after the tech giant gave a positive revenue forecast after better-than-expected quarterly results.

In the third quarter, Microsoft drove revenue of $ 48.5 billion to $ 49.3 billion, compared to Wall Street’s estimated $ 48.9 billion.

“Microsoft’s cloud orientation was stronger than Street and we would define this as a guide for investors to digest these numbers given the wind against F / X,” Wedbush said in a statement.

Microsoft’s top results contributed to a lasting sensation in the growth sectors of the market, including the discretion of day-to-day consumers.

Tesla (NASDAQ 🙂 rose more than 4% before closing quarterly after quarterly results. Apple (NASDAQ :), which reported quarterly results on Thursday, rose more than 1%.

Boeing Co. (NYSE :), down 3%, did not enter the broader market after the aircraft maker reported a higher-than-expected quarterly loss and revenue fell short of estimates as delays in the delivery of its 787 Dreamliner program hampered performance.