USA stocks close higher ahead as Fed meeting starts

21 September, 2017, 00:58 | Author: Sherri Guerrero
  • Bloomberg News     
       The Bank of Japan is expected to make no changes Thursday

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.

The Dow Jones Industrial Average rose 1.14 points, or 0.01 percent, to 22,371.94. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 2.238 percent.

The Fed will conclude its two-date policy meeting on Wednesday.

Any reduction in the balance sheet could make it harder for banks and investors to borrow certain Treasuries in the repurchase agreement market, making it more difficult and expensive to bet on or protect against interest rate increases.

On the US economic front, the Commerce Department released a report showing an unexpected decrease in new residential construction in the month of August.

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.

NAR said existing home sales slumped by 1.7% to an annual rate of 5.35 million in August after tumbling by 1.3% to a rate of 5.44 million in July.

The biggest US telephone operators, Verizon VZ.N and AT&T T.N , rose more than 2 percent, providing the second- and third-biggest individual stock boosts for the S&P.

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Notable strength also emerged among banking stocks, as reflected by the 0.9% gain posted by the Dow Jones Banks Index. Gold stocks fell though, with Kinross, Alamos and Barrick all declining 1 to 2 per cent.


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The consumer staples sector.SPLRCS fell 0.9 percent while the utilities sector.SPLRCU ended 0.8 percent lower.

JPMorgan Chase (JPM) advanced 1.2% and Goldman Sachs (GS) increased 1% to be among the top gainers on the Dow. The index reached its best closing level in two months.

Alnylam Pharmaceuticals ( ALNY ) is posting a substantial gain after the biopharmaceutical company reported positive trial results for its treatment of a rare genetic disease.

In overseas trading, stock markets across the Asia-Pacific region turned in a lackluster performance during trading on Wednesday. China's Shanghai Composite Index dipped by 0.2 percent, while Hong Kong's Hang Seng Index fell by 0.4 percent.

The biggest percentage gain was the telecom services sector's .SPLRCL 2.3 percent jump on merger and acquisition speculation.

The major European markets have also shown a lack of direction on the day.

In Europe, the pan-European Stoxx-600 index was little changed on Tuesday morning. "Should the Fed go ahead and announce a balance sheet normalisation the dollar will rally but the extent of the move hinges on any hints about the Fed raising rates in December".

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