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Dow gains 900 points after Fed’s interest rate hike
By Yashasvini Razdan - May 04, 2022, 11:04 PM ET
Last Updated - Feb 27, 2024, 06:44 AM EST
US stocks continued their rally for the third straight day after the Federal Reserve raised the interest rates by 50 basis points, but brushed away any ideas regarding a 75 basis point hike
• The Dow Jones Industrial Average rose 932.27 points or 2.8%
US stocks continued their rally for the third straight day after the Federal Reserve raised the interest rates by 50 basis points, but brushed away any ideas regarding a 75 basis point hike.
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The Dow Jones Industrial Average rose 932.27 points, or 2.8%, ending at 34,061.06.
The S&P 500 advanced 124.69 points, or 3%, ending at 4,300.17, while the Nasdaq Composite 401.106 points, or 3.2%, finishing at 12,964.68.
The 10-year Treasury yield fell 4.3 basis points to 2.914%, after touching 3% for the first time since December 2018, on Monday.
The US Federal Reserve raised the short-term benchmark interest rate by half a percentage point or 50 basis points and outlined its plans to shrink its $9 trillion asset portfolio.
Market movers
The gains were broad across the board for stocks. Large tech stocks moved higher following the Fed announcements, with Apple (NASDAQ: AAPL) and Google-parent Alphabet (NASDAQ: GOOGL) gaining more than 4% each. Energy giant Chevron (NYSE: CVX) rose 3.1%, and Exxon Mobil (NYSE: XON) added nearly 4%.
Advanced Micro Devices Inc. (NASDAQ: AMD) shares rose 9.1% after the semiconductor company reported more than $5 billion in quarterly revenue for the first time Tuesday.
Shares of Lyft Inc. (NASDAQ: LYFT) tumbled 29.9% after the ride-hailing group reported a disappointing profit and sales guidance.
Shares of rival Uber Technologies Inc. (NYSE: UBER) fell 4.7% after the company reported a $5.93 billion net loss in the first quarter derived from its investments in the other three companies.
Starbucks Inc.'s (NASDAQ: SBUX) stock rose 9.8% after the coffee giant reported in-line earnings amid rising costs and inflation and thinner margins. Chief Executive Howard Schultz said “record” demand was helping accelerate store-growth plans.
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