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Wall Street closes higher on hopes of rate cut
The New York stock exchange closed today in high, with investors hopeful for a drop in the reference interest rate of the Federal Reserve (Fed) during this year.
© Reuters
Economia Mercado
The final results of the session indicate that the selective index Dow Jones Industrial Average gained 0.46%, the technological Nasdaq rose 1.19% and the broad S&P500 advanced 1.03%.
"It was a positive session", summarized Peter Cardillo, from Spartan Capital, with Wall Street recovering its colors after the end of last week, following statements from Fed leaders considered moderate and especially after the numbers on the labor market were released on Friday.
These showed a cooling of the labor market, precisely what the Fed is looking for to be able to put price growth at two percent.
"Corporate results continue to be positive and the employment data comforted the hope that the Fed will reduce rates this year", added Cardillo.
The US economy created fewer jobs than expected in April, 175,000 instead of the expected 2,540,000 and after the 315,000 in the previous month.
The unemployment rate increased slightly, from 3.8% to 3.9%.
This cooling of the labor market is necessary, according to the Fed, to cool the economy and the rise in prices.
Several members of the Fed spoke today, including the president of the institution's branch in New York, John Williams. He said that there could "eventually be a rate cut", but that its current level was in a "good position".
The president of the Fed bank in Richmond, Thomas Barkin, was optimistic during a speech on the trajectory of inflation, considering that "the full effect of high rates was yet to happen".
Read Also: Wall Street starts the week rising and awaits signals from the central bank (Portuguese version)
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