23 April | S&P 500

Trump's refusal to fire Fed chief chairman bolstered S&P 500 Index

Trump's refusal to fire Fed chief chairman bolstered S&P 500 Index

US stocks and dollar rate strengthened following Donald Trump's statements that he has no intention of firing Jerome Powell, chairman of the Federal Reserve (Fed).

Index S&P 500 increased by 2%, including shares of large companies Apple Inc., Meta Platforms Inc., Amazon Inc. 

Earlier, Trump considered the work of the head of the Fed ineffective, raised the issue of the central bank's independence, and noted that the pace of interest rate cuts was too slow. According to JonesTrading chief market strategist Michael O'Rourke, Powell's dismissal could lead to a crisis and undermine the president's reputation.

On Tuesday, stocks also saw gains after US Treasury Secretary Scott Bessent's speech at a closed-door investor meeting, where he emphasized the need for continued bilateral talks with China.

According to Mark Hackett, chief market strategist at Nationwide, this news will have a positive impact on the overall market, as the opposite outcome could have had negative consequences and reduced investor confidence.

Anton Volkov MarketCheese
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