Economy

Global stocks, dollar rise as investors turn eyes to Fed

Global stocks, dollar rise as investors turn eyes to Fed”

Wall Street finished mixed on Monday as worries about North Korea receded with investors looking ahead to the latest policy announcement from the Federal Reserve on Wednesday.

In the USA stock market, the Dow Jones Industrial Average rose 83.38 points, or 0.37 percent, to 22,351.72, the S&P 500 gained 3.96 points, or 0.16 percent, to 2,504.19 and the Nasdaq Composite added 5.37 points, or 0.08 percent, to 6,453.84. In 3.06pm trading, the Standard & Poor's 500 Index advanced 0.1 percent. Contributions of 200 words or more will be considered for publication.

Stocks continued to grind higher, sending both the S&P 500 and the Dow to new all-time highs, while the Nasdaq touched a new intraday high but failed to notch a new record close following a late selloff in tech stocks (-0.3%).

A relatively quiet North Korea and U.S. Secretary of State Rex Tillerson's comments on a "peaceful solution" over the weekend eased some concerns for investors.

"The increasingly positive market sentiment remains on track as the Federal Reserve begins its two- day meeting today".

It is widely expected that the central bank won't raise interest rates in the meeting, but investors are expecting the Fed to announce the unwinding of its 4.5-trillion-U.S. -dollar balance sheet.

"There's momentum in the market. That continues to lead to money flowing into the market nearly in an indiscriminate fashion", said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.

USA government bond yields jumped a hefty 14 basis points last week, but were little changed on Monday, as were most developed bond markets.

Benchmark 10-year Treasury notes were last down 7/32 in price to yield 2.226 percent.

West Texas Intermediate crude futures for October were seen 0.2% higher at $50.18 by 10:15 London time while Brent contracts for November, the benchmark for global prices, were marked 0.27% lower at $55.62.

Shares of Amazon.com (AMZN.O) were down 1.3 percent. The Nasdaq Composite Index was up 6.17 points, or 0.10 percent, to 6,454.64. Gold hit a 2-1/2 week low, with spot gold down 0.6 percent at $1,311.51 an ounce.

U.S. crude prices weakened overnight, partly as a result of a U.S. Energy Information Administration statement that October shale production is likely to rise to around 6.1 million barrels per day, before rebounding during European hours past $50 a barrel.



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