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US stocks trade higher amid Fed chair’s stress on patience
New York, March 2 (IANS) US stocks traded higher on Friday, as investors digested US Federal Reserve chair’s latest speech on a patient approach to further monetary tightening and Friday’s US consumer sentiment data.
The Dow Jones Industrial Average rose 40.01 points, or 0.15 per cent, to 25,956.01. The S&P 500 was up 7.01 points, or 0.25 per cent, to 2,791.50, Xinhua news agency reported.
The Nasdaq Composite Index rallied 22.80 points, or 0.30 per cent, to 7,555.33.
Shares of Foot Locker rose over 5 per cent around midday, after the US athletic footwear and apparel retailer posted fourth-quarter earnings results that topped market forecasts.
Shares of Dell Technologies also rallied nearly 2 per cent, after the computer magnate posted fourth-quarter revenue that beat Wall Street estimates, following its return to public markets on December 28, 2018.
Six of the 11 primary S&P 500 sectors traded on a high note at midday, with the health care sector nearly 1.1 per cent, leading the winners among the groups.
Despite his positive outlook on the US economy based on a strong labour market, the Fed Chair Jerome Powell stressed on Thursday night the necessity of being patient, due to “some cross-currents and conflicting signals about the near-term outlook”.
Those includes tightening financial conditions since last fall, slowing growth in major economies, elevated uncertainties over unresolved government policy issues, such as Brexit and recent trade negotiations.
“Given the positive outlook but also muted inflation pressures and the cross-currents I just mentioned, the Federal Open Market Committee will be patient as we determine what future adjustments to the target range for the federal funds rate may be appropriate to support our dual-mandate objectives,” Powell said at the Citizens Budget Commission 87th Annual Awards Dinner in New York City.
On the economic front, the University of Michigan consumer sentiment index slightly bounced back to 93.8 in February, up from January’s low of 91.2 due to US government shutdown, the university said in a survey released on Friday.
“Although sentiment was still above last month’s low, the bounce-back from the end of the Federal shutdown faded in late February. While the overall level of confidence remains diminished, it is still quite positive,” said Richard Curtin, chief economist of the survey, in the Friday statement.
The index of US consumer sentiment is one of the main indicators to estimate consumer confidence in the US. The survey considers 500 consumers’ outlook on US economy.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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