Stock market up slightly after Fed announcement

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Stock market up slightly after Fed announcement
Photo: Claudio Bresciani/TT

The Stockholm Stock Exchange started Thursday's trading slightly lower but regained some courage and turned positive. At lunchtime, the broad OMXS index was up 0.2 percent.

On the OMXS30 large-cap list, clothing giant H&M is trading in the positive, up 1.9 percent, after American major bank Citi changed its recommendation for the company from sell to neutral. Addtech is also up, up 2.1 percent, and Volvo AB is up 2 percent.

Online casino company Evolution falls the most on the list, down 2 percent, followed by tissue manufacturer Essity, which is down 0.9 percent.

Trading on the world's leading stock exchanges has been cautious in recent days in anticipation of the US Federal Reserve's interest rate decision, which was finally announced on Wednesday evening.

As expected, the interest rate was cut by a quarter of a percentage point to a range of 3.50–3.75 percent. At the same time, the Fed is cautious about future cuts.

Before yesterday's announcement, Wall Street was trading in the red, but after the interest rate decision, it turned up. At the close, the S&P 500 and Nasdaq composite indexes had risen to plus 0.7 and 0.3 percent, respectively. The Dow Jones industrial average was up 1.1 percent.

On Wall Street, futures are pointing downward ahead of the stock market opening this afternoon.

One dollar costs 9.24 kronor on Thursday and one euro costs 10.83 kronor.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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