Wall Street Strengthens as Dow Jones, Nasdaq Break Record Highs

Xinhua reported that the USA central bank, The Federal Reserve is expected not to raise its benchmark interest rate (The Fed Fund Rate) after a monetary policy meeting, but investors believe the Fed will announce a gradual reduction of its $4.5 trillion balance sheet.

At 9:38am ET (1338 GMT), the Dow Jones Industrial Average was up 21.79 points, or 0.1%, at 22,353.14, the S&P 500 was up 1.13 points, or 0.04%, at 2,505 and the Nasdaq Composite was up 4.18 points, or 0.06%, at 6,458.82. They will also be keeping an eye on whether the Fed gives any clues as to the timing of future interest rate rises.

However, the biggest determinant of a rate hike in December will be how the equity and bond markets react to the reduction of the Fed's bond portfolio, said Frederick.

Banks stocks could continue to support the S&P 500 Index and the Dow over the near-term but some investors are saying gains could be limited if the economic data doesn't support an improving economy.

The Nasdaq Composite added 6.68 points, or 0.1 percent, to 6,461.32, also squeaking out a record closing high, slightly above its September 13 close.

Treasury yields traded mostly flat, with the benchmark 10-year yield at 2.22 percent and the two-year yield at 1.389 percent.

The S&P 500 is up 269.41 points, or 12 percent. Shares of smaller wireless carrier T-Mobile rose 5.9 percent and Sprint jumped 6.8 percent, following a report they were in active merger talks.

The Russell 2000 is up 13.71 points, or 1 percent.

The Nasdaq is up 1,072.93 points, or 19.9 percent.

On Monday, worries about tensions between North Korea and the USA seemed to be abating, with investors turning back to equities and other assets seen as more risky.

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