US markets saw gains on Wednesday, bolstered by comments from President Trump regarding the Federal Reserve. The Dow Jones Industrial Average closed at 44,255 points, a 0.5% increase from the previous trading day.
The broader S&P 500 reached approximately 6,260 points, up 0.3%, while the Nasdaq 100 stood at around 22,908 points, reflecting a 0.1% increase.
The market reaction reflects ongoing uncertainty related to the Supreme Court’s earlier ruling in May, which determined that President Trump could dismiss members of independent agencies, with the Federal Reserve being the notable exception. Trump’s frequent public criticisms of Federal Reserve Chair Jerome Powell have previously contributed to volatility. Wednesday’s statement from the President, indicating he does not plan to dismiss Powell, provided a measure of relief for investors. Powell’s term at the helm of the central bank concludes next year and Trump’s remarks may now influence potential successors.
The Euro strengthened against the US Dollar, trading at $1.1636, with the Dollar fetching €0.8594.
Gold prices also experienced a positive trend, reaching $3,348 per fine ounce (+0.8%), equivalent to €92.50 per gram.
Crude oil prices rose slightly, with a barrel of Brent North Sea crude costing $68.74 as of late Wednesday evening, representing a rise of approximately three cents compared to the closing price of the previous trading day.