Standard & Poor’s bounces from 5 consecutive losing sessions

The Standard & Poor’s 500 index rose on Wall Street Wednesday, reversing 5 consecutive sessions of losses, after the Federal Reserve’s announcement of interest rate hikes was in in line with market expectations, while the US central bank tried to combat rising inflation without triggering a recession.

The Federal Reserve raised its benchmark interest rate by 75 basis points, the largest increase in US interest since 1994, and predicted that the economy would slow and unemployment would rise in the coming months.

The shares fluctuated between highs and lows after the announcement before climbing in decided way after Federal Reserve Chairman Jerome Powell said in his press conference that a 50bp or 75bp hike is very likely at the next July meeting, but he doesn’t expect there will be frequent 75bp hikes .

According to preliminary data, the Standard & Poor’s 500 benchmark index closed the trading session in rise of 52.77 points, or 1.41%, to 3788.25 points, while the Nasdaq Composite index rose 269.40 points, or 2.49%, to close at 11097.74 points.

The Dow Jones Industrial Average closed in rise of 289.39 points, or 0.95%, to 30,654.22 points.

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