Economy

U.S. stocks close higher ahead of Fed meeting

U.S. stocks close higher ahead of Fed meeting”

Wall Street rallied to a record close for the sixth-straight session buoyed by a surge in financials as the Federal Open Market Committee got its two-day meeting underway on Tuesday.

USA markets continued to rise on Tuesday, lifted by telecommunication and financial companies.

Best Buy fell more than 8 percent after the No.1 US electronics retailer forecast 2021 adjusted earnings well below Wall Street estimates.

While the Nasdaq is down 2.80 points at 6,458.52, the Dow is up 5.45 points at 22,376.25 and the S&P 500 is up 0.75 points at 2,507.40.

Looking forward, investors hope to get more details on the Fed's rate-hike path.

While buying interest was somewhat subdued, stocks moved modestly higher over the course of the trading session on Tuesday.

The S&P 500 index, meanwhile, finished up 1.59 point, or less than 0.1%, at 2,508.24, after briefly touching its own fresh intraday day record at 2,508.85. The major index futures are now pointing to a roughly flat open for the markets, with the Dow futures down by just 8 points.

In overseas trading, stock markets across the Asia-Pacific region turned in a lackluster performance during trading on Wednesday. The S&P 500 added 0.1%, while the Nasdaq Composite rose 0.2%.

WELLINGTON: The S&P/NZX 50 index gained 0.7 per cent to 7819.24.

NY - U.S. Treasury prices fell on Monday as investors focused on the Federal Reserve's two-day policy meeting this week for signals on whether an additional interest rate hike is likely this year.

The Fed meeting, which starts on Tuesday, is expected to yield details on how the central bank will unwind its US$4.2 trillion (S$5.65 trillion) portfolio of Treasuries and mortgage-backed securities, almost a decade after the global financial crisis.

USA benchmark 10-year Treasury note yields rose as much as 2.29 percent, the highest since August 8., while two-year yields rose to the highest since November 2008.

The central bank is likely to keep interest rate unchanged and say that it will start unwinding its holdings of about $4.2 trillion in bonds and mortgage-backed securities.

Lead prices hit two-week highs on Monday as worries increased about tighter supplies amid China's environmental crackdown, strong demand and falling inventories in Shanghai.

Five of the 11 major S&P sectors ended lower.

Advancing issues outnumbered decliners on the NYSE by 1,539 to 907.

Gold again fell - down 1.2% to $US1,309 an ounce, while West Texas Intermediate oil futures (WTI) oil futures jumped to a touch under $US50 a barrel in NY.



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