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Nasdaq rallies after Federal Reserve rate hike

2023-02-01T21:23:42.431Z


The interest rate decision by the US Federal Reserve ensures that the Nasdaq 100 and S&P 500 close in positive territory. The Dax had previously continued its recovery.


Enlarge image

Deutsche Börse in Frankfurt am Main: Dax and Nasdaq clearly up after interest rate decision

Photo: ALEX DOMANSKI/ REUTERS

Price gains on the stock exchange: The Dax rose moderately immediately before the US Federal Reserve's interest rate hike on Wednesday.

The Dax ended Xetra trading with a plus of 0.35 percent to 15,180 points, but expanded its profits in the evening due to the gains on the US stock exchanges and climbed above the 15,200 point mark.

The Nasdaq closed more than 2 percent higher on Wednesday.

Fed raises interest rates by 0.25 percent

On the evening after the Dax market close, the US Federal Reserve announced its interest rate decision, the Fed increased interest rates by 0.25 percent as expected.

The European Central Bank (ECB) and the Bank of England will follow with their interest rate decisions on Thursday.

Hannover Re disappointed

At the end of the Dax, Hannover Re

shares lost

a good 5 percent in value and thus suffered from a cautious outlook.

The goal of an annual surplus of at least 1.7 billion euros could be disappointing, wrote analyst Thorsten Wenzel from DZ Bank.

The reason for the reluctance is probably the intention to replenish the technical provisions after several years of high major loss expenditure.

The news from Hanover also weighed on the European insurance sector as a whole.

Munich Re 's

shares

fell by 1.3 percent and

Talanx

by a good three percent.

US stock indices close with gains

The US Federal Reserve's rate hike boosted US stock markets in late trading.

The US leading index

Dow Jones

turned slightly into the plus, while the technology exchange Nasdaq 100 rose by more than 2 percent.

This should also continue to support the European indices on Thursday.

In a weak PC market, chip group

AMD

benefited from strong business with data centers and the aviation and automotive industries.

Growth in these areas more than offset the slump in personal computer processor business in the past quarter.

The shares were among the biggest gainers on the Nasdaq 100 with a plus of seven percent and also reached their highest level since mid-September.

Bitcoin is trading above $21,000

The digital currency Bitcoin was just above the $ 21,000 mark on Wednesday evening.

In November 2022, the currency plummeted to around $16,000 amid the collapse of crypto exchange FTX.

A year earlier, bitcoin hit a record high of $69,000.

Oil prices rise slightly

Oil prices rose on Wednesday.

Most recently, a barrel (159 liters) of North Sea Brent for delivery in April cost $85.57.

That was 11 cents more than the day before.

The price of a barrel of US grade WTI for delivery in March rose by 23 cents to $79.10.

According to market observers, the prospect of less sharp rises in interest rates in the USA created more demand.

Thanks to soaring oil prices, ExxonMobil earned more than ever last year.

The largest US oil multinational announced a profit of 55.7 billion dollars (51.4 billion euros) for 2022 on Tuesday.

Exxon thus increased net income by around 140 percent over the previous year.

Sales increased by around 45 percent to $413.7 billion.

In the final quarter, revenues rose by a good 12 percent to $95.4 billion.

With news agencies

Source: spiegel

All news articles on 2023-02-01

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