You are here

US: Stocks rise as Fed interest rate fears ease


[NEW YORK] Wall Street stocks rose on Monday on easing concerns about Federal Reserve interest rate increases and as petroleum-linked equities surged on higher oil prices.

The Dow Jones Industrial Average jumped 117.61 points (0.66 per cent) to 17,880.85.

The broad-based S&P 500 rose 13.66 (0.66 per cent) to 2,080.62, while the tech-rich Nasdaq Composite Index gained 30.38 (0.62 per cent) to 4,917.32.

William Dudley, the president of the Federal Reserve Bank of New York, on Monday told a New Jersey gathering that a disappointing March jobs report suggests that first-quarter growth "is likely to be quite weak." Dudley said the timing of Fed interest rate hikes is "uncertain" and will remain dependent on economic data.


BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to