Department Financial News

Wall Street's major indexes closed higher on Wednesday with the Nasdaq's 1.6% advance leading gains, after the U.S. Federal Reserve kept interest rates unchanged and comments from its top official fueled investor optimism rate hikes were done even though the central bank left the door open for more. Fed Chair Jerome Powell said policy makers would proceed carefully although they were not yet confident financial conditions were restrictive enough to get inflation as low as the central bank would like. Trading was choppy at the start of Powell's press conference but the major equity indexes started to regain lost ground after about 20 minutes, then went on to hit session highs. This was because the Fed's top official «wasn't as assertive about higher-for-longer» rates as he has been in past press conferences, according to Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. Charlie Ripley, senior investment strategist for Allianz Investment Management, wrote that while there is still a potential risk for the Fed to raise rates again, Powell's commentary suggests that «the bar has become higher for rate hikes.» Edward Moya, senior market analyst at Oanda wrote that while Powell insisted he was keeping options open for a hike «he didn't seem very convincing.» The Dow Jones Industrial Average rose 221.71 points, or 0.67%, to 33,274.58, the S&P 500 gained 44.06 points, or 1.05%, to 4,237.86 and the Nasdaq Composite added 210.23 points, or 1.64%, to 13,061.47. Among the S&P 500's 11 major sectors only two lost ground with energy falling 0.3% while consumer staples edged down 0.06%.

Fortescue’s shareholders should vote against the company’s remuneration arrangements because millions of dollars of bonuses have been paid to retiring executives with little benefit to the mining and energy giant’s investors, two influential proxy advisory firms have told their clients.

Blinken will embark on the visit of five nations, whose conclusion will be marked by his visit to India to participate in the 2+2 Ministerial Dialogue in November, the State Department informed in a statement. Blinken will be visiting Israel, Jordan, Japan, South Korea and lastly, India. During his visit to India, Blinken will be accompanied by US Secretary of Defence Lloyd Austin.

The Federal Reserve on Wednesday again held benchmark interest rates steady amid a backdrop of a growing economy and labor market and inflation that is still well above the central bank's target.

By Nate Raymond

Across the country, family members of children, parents and other relatives struggling with the disease of addiction are facing new financial burdens whether it’s missing work, blowing through their savings or becoming parents again in their 60s and 70s

Delta Air Lines says the pilot accused of threatening to shoot the plane’s captain during a flight no longer works for the airline

The Environmental Protection Agency spent more than a year investigating whether Louisiana's oversight of industrial air emissions discriminated against Black residents

Scientists in northern France earlier this summer discovered what could be a massive deposit of the cheapest and greenest type of hydrogen.

Reserve Bank of India (RBI) on Wednesday said it has appointed Manoranjan Mishra as Executive Director. As the Executive Director (ED), Mishra will look after the Enforcement Department, Risk Monitoring Department, and Department of External Investments & Operations.

FreedomWorks senior economist Steve Moore provides insight on the state of the economy on 'Making Money.'

The NSE Nifty 50 index settled 0.47% lower at 18,989, while the S&P BSE Sensex fell 0.44% to 63,591. Here's how analysts read the market pulse: «Prior to the FOMC meeting, the index faced selling pressure from higher levels but successfully held the 18,940 support level. Immediate resistance on the upside is identified at 19,100, and a breakout above this level may trigger short-covering moves toward the 19,250-19,300 range.

PM Gati Shakti initiative. These projects were assessed in the 58th Network Planning Group (NPG) meeting on October 17.

By Kate Abnett and Valerie Volcovici

In response to the evolving landscape of technology-enabled crimes, Singapore's Attorney-General's Chambers (AGC) has officially established two specialized task forces this year, according to Lianhe Zaobao . Comprising approximately 20 prosecutors, these units aim to tackle challenges posed by technological advancements in criminal activities.

In a decisive response to the recent terrorist attack on Israel, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) designated ten individuals and entities linked to the Hamas terrorist organization. This action, aimed at crippling the financial structures supporting Hamas, encompasses individuals and operations not only in the Gaza Strip but extends to Sudan, Türkiye, Algeria, and Qatar.

Mint report, citing the Department of State- Bureau of Consular Affairs website, said that the wait time for US tourist visas from several cities is still over 500 days, precisely between 506 days and 596 days. However, it is to be noted that the 500-day wait period for a tourist visa is a significant drop from the 1,000-day waiting period earlier this year.

By Paul Sandle and David Shepardson

WASHINGTON (Reuters) — U.S. construction spending increased in September, but momentum is slowing as the factory building boom fades.

By Amruta Khandekar and Shashwat Chauhan

Maharashtra over the Maratha quota demand, authorities in Dharashiv district of the state on Wednesday started distributing Kunbi caste certificates to the eligible Maratha community members, paving the way for their inclusion in the OBC category. The first such certificate was handed over to Sumit Mane from Kari village in the district based on the proof, an official said. District collector Sachin Ombase handed over the Kunbi caste certificate to Mane. The development comes a day after the state government published an order asking officials concerned to issue fresh Kunbi caste certificates to eligible Maratha community members, paving the way for them to avail reservation benefits under the Other Backward Classes (OBC) category. The Maharashtra cabinet had last month decided that Kunbi caste certificates will be issued to those Marathas hailing from Marathwada region who possess revenue or education documents from the Nizam era that recognise them as Kunbis. The government resolution (GR) issued on Tuesday asked the officials to translate old documents having references to Kunbis and written in Urdu and 'Modi' script (which was used to write Marathi language in earlier times). Kunbis, a community associated with agriculture, are grouped under the OBC category in Maharashtra and enjoy reservation benefits in education and government jobs.