Wall Street closed higher after the Fed raised its benchmark interest rate by 25 bps, or in line with market expectations. The S&P 500 closed stronger by more than 2%, with the Nasdaq rallying at nearly 4% yesterday. The Fed’s policy is amid concerns over rising inflation and risks caused by Russia’s attacks on Ukraine.
Yesterday, the JCI closed significantly higher by more than 1%, supported by an increase in 8 out of 11 sectors. Market participants are looking at the Fed’s rate hike to provide certainty, amid fears of rising US inflation. Today, JCI is projected to move upward with a range of movement in the range of 6,900 to 7,080.
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