Technology companies are also higher.
Advertisement
She said on Monday the low interest rate policies across advanced economies could make the U.S. more vulnerable to spikes in the value of the dollar which could put downward pressure on inflation.
The Dow Jones industrial average shot up 200 points after Brainard’s speech. The Standard & Poor’s 500 index slid 2.5 percent to 2,127.81.
At 9:59 a.m. ET, the Nasdaq was up the most, by 0.2%, or 10 points.
North American stock markets charged higher after a Federal Reserve board member suggested that she’s in no hurry to raise interest rates again.
Worries about a hike in the Fed’s benchmark rate knocked equities on Friday.
Markets overseas took sharp losses following the rout in the U.S. Friday.
The central bank should be cautious in raising rates too quickly, Federal Reserve Gov. Lael Brainard said in a heavily scrutinized speech to the Chicago Council on Global Affairs on Monday afternoon. Higher prices imply a lower probability of an increase in interest rates. That division has more than 6,500 printing patents. Elsewhere, Apple rose $1.34, or 1.3 percent, to $104.47 and Broadcom picked up $3.18, or 2 percent, to $163.93.
Growth should strengthen in the second half of the year, moving towards a three percent annualized rate, he said. Starboard Value said Perrigo needs to boost profit margins for some of divisions, and notes that the company’s stock hasn’t done well since Perrigo rejected an offer from competitor Mylan NV.
“Her comments clearly were on the dovish side and gold did turn from its lowest levels”, said Bill O’Neill, co-founder of LOGIC Advisors, referring to Ms Brainard.
USA benchmark crude fell 71 cents to $45.17 a barrel in electronic trading on the New York Mercantile Exchange. Light sweet crude (WTI) oil futures were up 40 cents, or 0.87 percent, at $46.27 per barrel. Well, the real rate of interest on AAA corporate bonds bounces around a bit, but at the moment yields are running about 1 percent. But the federal government stepped in to temporarily stop the project and several agencies said they will reconsider some of their decisions.
Raptor Pharmaceutical shares jumped after it agreed to be bought by Horizon Pharma in a deal valued at $800m.
“Everyone around the table is committed to achieving our dual mandate, and politics does not play a part – I can assure you of that”, Kashkari said.
A global sell-off has seen the UK’s FTSE 100 index fall by 1.5%, with similar falls in Paris and Frankfurt.
They followed similar sell-offs in Asia, with Japan’s main share index, the Nikkei 225, tumbling 1.7%, the Shanghai Composite off 1.9% and Hong Kong’s Hang Seng index down by 3.3%.
Advertisement
US Treasurys briefly rose on Ms Brainard’s comments, then fell, pushing yields on the benchmark 10-year note one basis point higher to 1.671%.
