Benchmarks in the US stock market were relatively higher on Wednesday. This was after the congressional leaders and the President of the United States, Donald Trump, came to an agreement to further push the limit of debt and further fund the government for another three months.
This having been the case, gains on Wall Street weren’t explosive. Investors are still concerned about North Korea, they’re concerned about the President’s agenda, they’re concerned about a Federal Reserve official is resigning, and they’re worried about the “catastrophic” Hurricane Irma.
Even so, the Dow Jones Industrial Average jumped higher with gains being pushed by energy stocks like Exxon Mobil. Furthermore the S&P 500 increased as a result of its own energy sector contributors.
The market reaction to the stepping down of Federal Reserve Vice Chairman Stanley Fischer did send a bit of a shockwave across the market. He is set to resign next month. His plan to resign was based on personal reasons according to a statement that he had made on Wednesday.
“One person in and of themselves, or herself, won’t make a difference. Checks and balances [in the Fed] are intended to slow things down. I see the Fed moving slowly and you are looking at nuances rather than massive changes in direction,” said John Manley, chief equity strategist at Wells Fargo Funds Management.
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