CNBC reports the broad index traded roughly 0.3% higher, with the Dow Jones Industrial Average adding about 70 points (0.2%) and the Nasdaq Composite adding about 0.4%, with major gains in technology stocks, including both Apple and Google s parent company Alphabet reaching personal all-time highs.
The boost comes after Federal Reserve Chairman
Jerome Powell acknowledged improvements, but said the central bank wouldn t change its ultra-easy monetary policy until even more are made.
“The markets have gotten very accustomed to ‘low rates for longer’ and Powell’s comments today don’t necessarily change that,” said
Diane Swonk, chief economist at Grant Thornton, via
CNBC. “The reality is the Fed has to deal with whatever comes in.”
Larry Fink is so sure inflation has set in, he gave staff a pay rise
Annie Massa
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BlackRock chief executive Larry Fink says he sees the highest US inflation in recent memory as more than a transient phenomenon. He backed up that view with a blanket raise for employees.
The worldâs largest asset manager will increase the base salaries of all staff at the director level and below by 8 per cent, starting in September, according to a memo he and the firmâs president Rob Kapito issued on Wednesday, coinciding with the companyâs second-quarter earnings release.
Financials Down With Treasury Yields Financials Roundup
07/14/2021 | 05:06pm EDT
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Required fields Shares of banks and other financial institutions fell alongside Treasury yields in the wake of a disappointing earnings report from the second largest U.S. bank by assets. Bank of America shares fell despite reporting that second-quarter profit more than doubled to $9.22 billion in the second quarter. The bank s executives said consumer banking activity surged back to prepandemic levels, but quarterly revenue declined, reflecting comparatively weak investment-banking performance during a bonanza quarter for dealmaking. Shares of Citigroup initially rallied after it posted second-quarter earnings well in excess of Wall Street targets before moderating late in the session. Both banks gave a bright view of consumer health.
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Provided by Dow Jones
Jul 15, 2021 3:15 AM UTC
GLOBAL MARKETS
DJIA 34933.23 44.44 0.13%
Nasdaq 14644.95 -32.70 -0.22%
S&P 500 4374.30 5.09 0.12%
FTSE 100 7091.19 -33.53 -0.47%
Nikkei Stock 28352.79 -255.70 -0.89%
Hang Seng 27946.96 159.50 0.57%
Kospi 3271.67 6.86 0.21%
SGX Nifty 15883.50 20.0 0.13% July contract
USD/JPY 109.84-85 -0.10%
Range 110.03 109.82
EUR/USD 1.1825-28 -0.09%
Range 110.03 109.82
CBOT Wheat July $6.450 per bushel
Spot Gold $1,825.90/oz -0.1%
Nymex Crude (NY) $72.69 -$2.56
US STOCKS U.S. stocks edged higher after Federal Reserve Chairman Jerome Powell told members of Congress that inflation will moderate and that the central bank plans to maintain its current monetary policies. All three major indexes were higher in mid-afternoon trading, after wobbling between small gains and