NASDAQ Up, DOW and S&P 500 Fell after Fed’s Policy Decision

NASDAQ Up, DOW and S&P 500 Fell after Fed’s Policy Decision

On Thursday, July 29, NASDAQ was up while both the Dow and the S&P 500 fell after the U.S. Federal Reserve said that more economic progress is needed before it starts tapering assets.

The NASDAQ Composite Index climbed 0.70% with a net gain of $102.01. This sent the stocks higher at $14,763 per share.

Flora Growth Corp. led its gains by 63.12% or 3.20 points to $8.27 per share.

It was followed by Infinity Pharmaceuticals Inc. which spiked 61.18% or 0.93 points to $2.45 per share.

In addition, Bit Digital Inc. jumped 35.82% or 2.11 points to $8.00 per share.

On the other hand, the Dow Jones Industrial Average tumbled 0.36% with a net loss of $127.59. This sent the stocks to the bottom at $34,931 per share.

McDonald’s Corp. led its losses by 1.86% or 4.57 points to $241.78 per share.

This was followed by Travelers Cos. Inc. which declined 1.71% or 2.56 points to $146.82 per share.

Additionally, American Express Co. also sank 1.69% or 2.92 points to $170.02 per share.

Likewise, the S&P 500 Index plummeted 0.02% with a net decline of $0.82. This sent the stocks below at $4,401 per share.

The benchmark’s worst performers include Humana Inc. which fell 5.71% or 26.69 points to $440.81 per share.

It was followed by C.H. Robinson Worldwide Inc. which plunged 3.08% or 2.81 points to $88.51 per share.

Also, Stanley Black & Decker Inc. subsided 3.06% or 6.17 points to $195.44 per share.

Federal Reserve Decision

Furthermore, the Federal Reserve released its decision after its two-day policy meeting last Wednesday.

Fed Chair Jerome Powell said that the economic recovery of the United States is still ongoing and they have not yet decided to consider raising interest rates.

He added that the U.S. job market still had some ground to cover before the central bank will pull back the economic support that it placed last spring 2020 due to the Covid-19 pandemic.

In addition, the Fed announced that higher inflation remained the result of transitory factors. It also kept its bond-buying program and interest rates unchanged.

An analyst stated that this is good news since investors had been worried regarding the impact of the rising inflation and the surging coronavirus cases on the Fed’s decision.