Home » Wall Street starts new week on the upside. The dates on Powell’s speech (Fed) and crucial market mover

Wall Street starts new week on the upside. The dates on Powell’s speech (Fed) and crucial market mover

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Wall Street starts new week on the upside.  The dates on Powell’s speech (Fed) and crucial market mover

Wall Street begins the new week of trading in the name of increases. At 7.10am Italian time, Dow Jones futures were up just +0.04%, while S&P 500 and Nasdaq Composite futures were up 0.14% and 0.24% respectively.

The Dow Jones Industrial Average rose 387.40 points (+1.17%) to 33,390.97 on Friday. The S&P 500 advanced 1.61% to 4,045.64 points and the Nasdaq Composite gained 1.97% to 11,689.01.

All three US stock indexes managed to close the week with a positive balance: on a weekly basis, the Dow Jones rose by 1.75%, interrupting the negative trail of three weeks.

The S&P 500 reported a weekly gain of 1.90%, the Nasdaq was up 2.58%.

Purchasing on Wall Street in last Friday’s session was supported by the drop in US Treasury rates: 10-year bonds returned below the 4% threshold, which had been exceeded in the previous sessions. Two-year rates also reversed, shooting last Thursday to a 17-year 2006 record of 4.937%.

Among the most important appointments of the week, the hearing in the United States Congress, scheduled for tomorrow Tuesday 7 March, of Fed President Jerome Powell, who will give investors important information on how the US central bank intends to continue pursuing its fight against inflation by raising fed funds rates.

The publication, next Friday 10 March, of the US employment report will also be a crucial market mover, after the previous one in February highlighted a boom of 517,000 new jobs created in the month. For the upcoming figure, Dow Jones economists expect 225,000 new jobs were created in February.

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