November 19, 2015
Stocks rose at the end of yesterday’s trading, after news that the U.S. Federal Reserve Bank will likely raise interest rates in the near future, maybe even as early as next month.
The Dow Jones Industrial Average rose 1.4 percent, the S&P 500 jumped 1.6 percent and the Nasdaq Composite went up 1.8 percent.
Bank stocks saw some big gains, because an increase in interest rates helps major financial institutions. JP Morgan Chase saw a two-percent gain, while Goldman Sachs enjoyed a 1.6-percent boost.
A recently released transcript of the Fed’s last meeting fueled the stock gains, which indicated that an interest rate hike is imminent. The probability of an increase stood at 72% before the release of the minutes. Additionally, analysts await November’s nonfarm payroll as the last major employment indicator for a December decision.