Wall St edges up on telecom gains; Fed meet in focus
Wall St edges up on telecom gains; Fed meet in focus
Ivan Rakhmanin for The University Times
21 September, 2017, 01:45
At 12:33 p.m. ET (1633 GMT), the Dow Jones Industrial Average was up 44.65 points, or 0.2 percent, at 22,376, the S&P 500 was up 3.79 points, or 0.15 percent, at 2,507.66 and the Nasdaq Composite was up 9.73 points, or 0.15 percent, at 6,464.37.
Wall Street moved higher, paring some gains after rallying to record highs amid optimism about the USA economic outlook and corporate profits, as investors eyed a meeting by the Federal Reserve which is set to tighten monetary policy. The S&P 500 .SPX gained 2.78 points, or 0.11 percent, to 2,506.65, hitting its fifth record closing high in the last six sessions.
"We had suspected that the recent softness of core inflation could persuade officials to hold off on the next rate hike until next year", said Andrew Hunter, US economist at Capital Economics.
Fed Chair Janet Yellen said that she expects that Hurricanes Harvey and Irma will impact the American economy, but that those effects are unlikely to damage economic growth long-term.
"If I'd be watching anything, it would be primarily with regard to their plans to raise rates in December, which now the market has a 50-50 odds on", said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
In the bond market, treasuries have moved slightly higher ahead of the Fed announcement.
However, the biggest determinant (a December rate hike) will be how the equity and bond markets react to the reduction of Fed's bond portfolio, said Frederick. Inflation has been kept in check, despite an otherwise healthy labor market, which should theoretically lift prices and inflation.
The central bank is likely to say that it will start unwinding its holdings of about $4.2 trillion in bonds and mortgage-backed securities.
Data showed USA homebuilding fell for a second straight month in August as a rebound in the construction of single-family houses was offset by weakness in the multifamily home segment. On the Nasdaq, 1,365 issues rose and 1,320 fell.
Alnylam Pharmaceuticals ( ALNY ) is posting a substantial gain after the biopharmaceutical company reported positive trial results for its treatment of a rare genetic disease.
JPMorgan Chase (JPM) advanced 1.2% and Goldman Sachs (GS) increased 1% to be among the top gainers on the Dow.
Microsoft Corp. (MSFT) slipped 0.7%, even as the software major late Tuesday increased its dividend to 42 cents a share (http://www.marketwatch.com/story/microsoft-hikes-quarterly-dividend-announces-changes-to-board-of-directors-2017-09-19). While the UK's FTSE 100 Index edged down by 0.1%, the German DAX Index and the French CAC 40 both crept up by 0.1%.
The Dow rose as advances in shares of General Electric and those of Caterpillar, recently up 2.2 percent and 1.9 percent respectively, outweighed declines in shares of Apple and those of Nike, recently down 1 percent and 0.7 percent respectively.
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Walsh told Cosmopolitan that her acting jobs as a doctor did not make her any less afraid of having surgery. She is speaking out and asking people to see a doctor, no matter how small you think the illness is.
Bhandari worked at Toys "R" Us as treasurer and senior vice president from 2014 until early this year, when he joined Lazard. It now has more than 800 stores in the United States and more in other countries all over the world.
Once again, the Cowboys were estimated to be the most valuable National Football League franchise, this time at $4.8 billion. The Falcons enjoyed a league-high 16-percent increase from last season, coming in at No. 15 with a value of $2.475 billion.
The Paris-based economic think tank says it now expects the Canadian economy to grow by 3.2 per cent this year, best in the G7. Globally, the pace of expansion is expected to pick up this year compared to 2016, with a further uptick projected in 2018.
Manchester United fans react angrily after RyanAir cancel flights to Lisbon ahead of their Champions League clash with Benfica . The flights cancelled were between Dublin and four destinations - Amsterdam, Frankfurt, Nantes and Santander.
The AP reported that the governor of Morelos says 42 people have died in his central Mexican state following the quake. Moderate shaking - or intensity 5 shaking - is defined by the USGS as "felt by almost everyone; many awakened".
Snapchat blocks access to Al Jazeera in Saudi Arabia
Apparently, the channel - which features news reports from the highly-respected publisher - was said to have violated local laws. This being the reason that the U.S. owned companies like Snapchat Inc comply, as local laws are far more restrictive here.
Timmons suspended 'indefinitely' by NFL Dolphins
The Dolphins brought Timmons in primarily for his run defense, and was set to be the team's key blitzer. However, the Dolphins linebacker was later found at Los Angeles International Airport (LAX).
Supreme court steps in to block Iraq Kurd independence vote
It is not immediately clear if the local government in the semi-autonomous Kurdish region would abide by Monday's court ruling. Turkey's strong economic ties to the Kurdish Regional Government ( KRG ) will weigh on any response from Ankara .
Irma death toll rises in Florida
Scott's rule will expire in 90 days, and he vowed to take action against facilities that don't comply within the 60-day deadline. On Saturday, power was restored to at least three nursing homes and 10 assisted living facilities housing elders in Florida.
Angela Merkel challenged on abortion by woman with Down's
"We must fight against the leaders of the party, but we must not attack their sympathizers", said the SPD candidate. She is standing for a further term in office and the polls are predicting that she will be re-elected on Sunday.
Ryanair to axe 2000 flights amid crew leave chaos
You should keep any food, transport or accommodation receipts to use when making a claim for compensation. Ryanair has said as many as 50 flights a day will have to be cancelled over the next six weeks.
New Call of Duty: WWII Trailer Details the Story
This will be our second look at the game's campaign , having been only shown once during the initial reveal in a short trailer . Day two will bring us details about the squad you'll be part of in the campaign, which Sledgehammer teased at the game's reveal.
Emmys saw winners, political jabs and Sean Spicer
And since he knows the president is most likely watching, he had a special message to Trump: "Hello, thank you for doing us". The bit subtly slammed the Trump administration's claims about the size of the crowd at the inauguration in January.