- The Nasdaq rose 1% to close the midweek session at a record 15,812.
- Zillow tanked 22.95% after announcing the permanent end of iBuying business.
- Bed Bath & Beyond soared 15% on share repurchase plan & Kroger deal.
The US markets rallied to fresh record highs again across the three key indices on Wednesday after the Federal Reserve approved plans to begin tapering back its bond buying program this month.
The previous US$80bn monthly Treasury purchases will now be just US$10bn/month, and the US$40bn in monthly buys of government-backed mortgage securities will be just US$5bn/month, and the purchases will end by mid-June 2022 unless economic changes forces a change in policy.
The Dow Jones rose 0.29% to finish the trading day up 105 points to close at 36,158 points.
The tech heavy NASDAQ rose 1% to finish the trading day up 162 points to close at 15,812 points with Tesla and Amazon gaining 3.57% and 2.15% respectively.
One bitcoin is worth US$62,837 going into the Asian trading day.
The Australian dollar is stronger against the major currencies and is buying 74.59 US cents.
Online real estate marketplace Zillow tanked 22.95% on Wednesday after announcing it is permanently shutting down its tech-powered home-flipping division, Zillow Offers iBuying. Zillow CEO Rich Barton said the decision to shut down the division that was deemed the ?primary growth engine for the business? until recently, was based on the unpredictability in the real estate market.
US-domestic merchandise retail chain Bed Bath & Beyond soared 15.22% yesterday after the company said it was accelerating its share repurchase plan and a rally from retail investors piling into the stock. Bed Bath & Beyond also announced a new partnership with supermarket giant Kroger to sell its home and baby products through Kroger?s online site and in select stores.
And shares in Beyond Meat jumped more than 5% on Wednesday after McDonald?s began selling its new McPlant burger using Beyond Meat?s beef substitute patty.