Wall St edges up on telecom gains; Fed meet in focus
Wall St edges up on telecom gains; Fed meet in focus
Getty Mario Draghi the president of the European Central Bank speaks out on eurozone crisis
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.
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 .
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.
North Korea on Monday said that additional sanctions will push it to accelerate its nuclear plans, Reuters reported. Kim was also the first ambassador to Spain, with the North Korean Embassy opening in February 2014.
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.
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.
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