Southeast Asian stocks continue their rising streak

Southeast Asian stock markets closed one more day with rises encouraged by the decisions of the US Federal Reserve and the new stimulus plan. 

In Singapore, the stock market of the city-state increased 2.02 points or 0.06%. The Straits Times Index remained at 3,221.58 units.

In Indonesia, the Jakarta stock advanced 38.48 integers or 0.64%, and the JCI index settled at 6,012.96 units.

The Bangkok stock market gained 13.67 points or 0.87% in Thailand, and the SET index closed at 1,590.46 units.

In the Philippines, the Manila Stock Exchange gained 18.37 integers or 0.28%. The PSEi composite index ended at 6,487.51 points.

In Vietnam, the Ho Chi Minh stock closed with 1,239.39 units after the rebound of 9.84 integers or 0.80%.

Wall Street closed in the red after a Fed meeting

Wall Street closed in red this Wednesday. Its primary indicator, the Dow Jones of Industrialists, fell 0.48% after the Fed left Monetary policy unchanged.

At the close of the New York Stock Exchange session, the Dow Jones yielded 164.55 points to 33,820.38 units. The selective S&P 500 slipped a slight 0.08% or 3.54 points, to 4,183.18 units.

The Nasdaq composite index, which brings together the leading technology companies, reduced by 0.28% or 39.19 points to 14,051.03 units.

After its two-day meeting, the Fed highlighted the progressive strengthening of the economy thanks to the covid-19 vaccines and fiscal support. Yet, it insisted that it will not move interest rates from the current 0% until there is a sustained recovery in the labor market and the rise in inflation is persistent.

The US central bank has held benchmark interest rates between 0% and 0.25% for over a year after a sharp decrease in March 2020.

In addition, the market is awaiting the presentation by President Joe Biden of a 10-year social welfare plan. Its cost is estimated at 1.8 trillion dollars.

The NYSE experienced another irregular session that could have ended with records. However, they remained cautious in the face of the results of two large technology companies, Apple and Facebook, in addition to Ford.

Investors reacted to the recently released reports of Boeing, which was the second worst-hit firm in the Dow Jones group.

Those that increased the most were Chevron (2.45%), Visa (1.63%), and American Express (1.44%).

The substantial rise of energy companies and the communications sector stood out compared to moderate decreases for technology and health companies.