The New York Stock Exchange continued its upward rally by digesting the results of the FOMC regular meeting.
At the New York Stock Exchange on the 17th, the Dow Jones Industrial Average closed at 34,480.76, up 417.66 points from the previous day. The Standard & Poors 500 Index also rose 53.81 points to 4411.67, and the Nasdaq also rose 178.23 points to finish trading at 13,614.78.
The SP500 and Nasdaq Indexes rose for the third consecutive trading day.
Investors took note of the results of the FOMC regular meeting and paid attention to the default of Russias debt.
The previous day, the US Federal Reserve raised the key interest rate by 0.25 percentage point, the first in three years and three months, to raise interest rates six more times within the year through the two-day FOMC meeting.
The Feds rate decision was at the level expected by the market, and it was evaluated that the rate hike forecast was more hawkish than expected. However, stocks continued their gains amid expectations that the Fed would not lag behind in its efforts to curb inflation and that it would not raise rates as expected.
The news that Russia escaped the default crisis also had a positive effect on the stock market. Reuters and the Washington Post reported on the same day, citing sources, that Russia had paid 117 million dollars in interest on government bonds.
US economic data were positive. The weekly unemployment insurance claims in the US were announced at 214,000, a lower-than-expected level.
Energy stocks rose as WTI futures prices surged more than 9% on the same day.
Occidental and Devon Energy rose 9.47% and 9.64%, respectively, while Diamondback Energy and Marathon Oil rose 6.56% and 6.85%, respectively.
Tech stocks also continued to strengthen.
Tesla rose 3.73%, while Apple and Nvidia rose 0.64% and 1.10%, respectively. Netflix and Meta rose 3.87% and 2.06%, respectively, while Amazon rose 2.70%.