by Caroline Valetkevitch
NEW YORK (Reuters) – The New York Stock Exchange ended higher on Wednesday, at closing records, encouraged by comments from Fed Chairman Jerome Powell on the resilience of the American economy, and in the technology sector, by the good reception given to the results of the Salesforce software group.
The Dow Jones index gained 0.69%, or 308.91 points, to 45,014.44 points, the S&P-500 36.59 points (+0.60%), to 6,086.47 points, and the Nasdaq Composite took 254.21 points (+1.30%) to 19,735.12 points.
The United States economy, Jerome Powell estimated, is stronger than it appeared in September, which could encourage the Federal Reserve to be more cautious during its next rate cuts.
Alongside these statements, the United States central bank noted, in its “beige book”, that business activity had increased slightly in recent weeks.
Jerome Powell also said the Fed was making progress in its fight against inflation, “good news for stocks in general,” noted Peter Cardillo, economist at Spartan Capital Securities.
The monetary policy committee is due to meet in two weeks for a new decision on rates. After two reductions in September and November, markets are betting on a further cut of a quarter of a percentage point in central bank rates despite inflation which remains above its target of 2%.
On the value side, Salesforce shares climbed 11% and reached a historic high during the session, the IT “cloud” company having exceeded Wall Street’s expectations for its third quarter turnover and raised its annual objectives .
In the same sector, Marvell Technology jumped 23.2%, also hitting its highest level, as the semiconductor maker announced fourth-quarter revenue targets above expectations. Marvell Technology dragged Nvidia in its wake, which gained 3.5%.
The technology sector index also hit a closing record, as did the communications and discretionary spending sub-indexes.
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