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16th September 2021 Morning Report

Thursday 16th September 2021

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U.S. stock markets closed higher on a broad rally as investors weighed the Fed’s tapering time - table versus tax hikes to help pay for President Biden's ambitious 3.5 trillion spending package. The Dow Jones Industrial Average closed 0.68% higher, while the S&P 500 index and the Nasdaq Composite index were up marginally 0.85% and 0.82%, respectively. The gains came a day after the Dow and the S&P both fell for the sixth time in seven sessions amid concerns a slowdown in inflation could cause the Fed to begin tapering later this year. Investors also fretted over proposed tax hikes that would help pay for Biden’s $3.5 trillion spending package. Energy stocks led the market higher on higher oil prices. 

Other key overseas markets were broadly lower with France’s CAC 40 tumbling 1.04%, Germany’s DAX 30 declining 0.68% and Britain’s FTSE 100 slipping 0.25%. Hong Kong’s Hang Seng index dropped 1.84%, Japan’s Nikkei 225 fell 0.52% and China’s Shanghai Composite index slid 0.18%. 

West Texas Intermediate crude oil surged by $2.15 to $72.61 a barrel, closing at its highest level since July 30.  

Morning Report 16 September 2021

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