The American stock markets displayed mixed performance on Wednesday. By the close of trading in New York, the Dow Jones Industrial Average fell by 0.2 percent, finishing at 48,464 points. However, just minutes earlier, the broader S&P 500 had been up 0.8 percent with approximately 7,023 points, and the technology-focused Nasdaq 100 was up 1.4 percent at about 26,205 points.
In separate news, U.S. President Donald Trump once again threatened the head of the Federal Reserve, Jerome Powell, on Wednesday. Trump stated that if Powell does not step down from the Fed after his term ends, he would be fired. Powell’s tenure as Fed Chairman is set to conclude on May 15th. If a successor has not been found by that time, it is customary practice for Powell to temporarily continue in the role.
Trump’s preferred candidate for the position, Kevin Warsh, is still pending confirmation from both the Senate banking committee and the full Senate. Nevertheless, Republican Representative Thom Tillis intends to delay confirming the personnel matter within the committee until the U.S. Department of Justice drops its investigations into Powell, which is intended to secure the central bank’s independence, crucial for price stability.
In currency markets, the European common currency strengthened slightly on Wednesday evening, with the euro priced at $1.1798 and the dollar at 0.8476 euros.
The price of gold weakened, with a fine ounce trading at $4,794 in the evening, reflecting a 1.0 percent decrease. This translates to a price of 130.65 euros per gram.
Meanwhile, oil prices rose slightly. A barrel of Brent crude oil from the North Sea cost $94.91 by about 10 PM German time on Wednesday, representing an increase of 12 cents, or 0.1 percent, compared to the previous day’s closing prices.