Economy

Yellen fires starting gun on the end of QE

The big expectation is that the Fed will slowly be starting to unravel a $4.5 trillion grouping of bonds as well as other assets through an asset purchase program.

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

Adobe fell 4 percent after the Photoshop maker's revenue forecast came in line with estimates.

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

ASIA'S DAY: Japan's benchmark Nikkei 225 added almost 2.0 percent to finish at 20,299.38, coming off a national holiday on Monday. The Dow Jones industrials added 41 points, or 0.2 percent, to 22,412. The Fed believes inflation will remain below the bank's 2 percent target until 2019.

"Inflation on a 12-month basis is expected to remain somewhat below 2 percent in the near term but to stabilize around the 2 percent objective over the medium term", the central bank said in its statement.

Kraft Heinz fell 1.8 percent and NRG Energy lost 1.5 percent. Yellen gives a stock answer about the need to tighten gradually now to avoid a rushed rise in interest rates in the future. Bank of America rose 1.4 percent.

Japanese dealers returned from a three-day weekend Tuesday and picked up the baton, sending the Nikkei two percent higher with exporters buoyed by the dollar's push towards 112 yen.

Pfizer was up more than 1 percent after Morgan Stanley upgraded stock to "overweight".

In corporate news, Toshiba has swung back to favoring a consortium backed by Western Digital - a US data company also involved in a joint venture with the Japanese conglomerate - for the sale of its memory chip unit, Reuters reported.

The Standard & Poor's 500 index was up a fraction of a point at 2,507.

Canadian government bond prices were little changed across the yield curve, with the two-year flat to yield 1.558 per cent and the 10-year rising 1 Canadian cent to yield 2.093 per cent.

Stocks are narrowly higher in early trading on Wall Street as investors wait to hear from the Federal Reserve. ConocoPhillips gained 1.3 percent.

The greenback was just 0.1 percent lower at 111.47 yen JPY= , below its eight-week peak of 111.87 set earlier on Tuesday.

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.

OIL: Benchmark U.S. crude rose 59 cents to $50.49 per barrel on the New York Mercantile Exchange. Bank loans to businesses, which grew by an average of about 10 percent year-over-year for the past five years, have leveled out this year.



Like this

Latest


21 September 2017
Forex - Dollar Climbs Against Other Majors on Fed Statement
The S&P 500 gained two points, or 0.06%, to 2,508, clocking its sixth record closing high in the last seven sessions. FOMC members' median forecast is for GDP of 2.4 percent this year and for it to hover around 2 percent through 2020.

21 September 2017
Bandai Namco Releases Story Teaser Trailer For Dragon Ball FighterZ
Hopefully this will be a fairly rich story mode that will please fans of the show and manga. Now the trailer itself isn't much more than a collection of short cinematics.

21 September 2017
Cookson ousted as Frenchman takes over as world cycling president
The delegates who voted comprised 15 from Europe, nine each from Africa, the Americas and Asia, plus three from Oceania. Cookson had hoped to be voted in for a second four-year term during the UCI congress in Bergen, Norway, on Thursday.

21 September 2017
Haley: Trump's 'fire and fury' comment 'not an idle threat'
Mr Trump's earlier warning he would rain "fire and fury" on a recalcitrant North Korea, she said, was "not an empty threat". McMaster repeated that the U.S. demands North Korea give up its nuclear weapons and that "all options" remain on the table.

21 September 2017
How 15 states are breaking from Trump to abide by Climate Accord
Trump says the United States will be pulling out of the Paris Climate Agreement created to combat climate change. NY energy and finance czar Richard Kauffman agreed with the former secretary of state, noting, "The U.S.

21 September 2017
Teacher allegedly slept with 4 teen students, 2 in same night
The probe at Marked Tree High School was sparked by a parent who accused Goline of having sexual liaisons with several students. Authorities said they learned that Goline had sex that same day with another student she had taken to her apartment.

21 September 2017
Sixth arrest in London bomb plot
The terror threat was lowered to severe from critical over the weekend, but police warned the public should remain vigilant. Thirty people were injured in September 15 attack on a train at Parsons Green Underground station in London.

21 September 2017
Comelec chair welcomes junking of impeachment complaint
If you dismiss a complaint because of wrongful verification, what is the message? "This is the proof to that", she said. He stressed that the allegations against him by his estranged wife, Patricia, "are fabricated and baseless".

21 September 2017
In Case You're Wondering What Nicki Minaj's New Music Will Sound Like
Those expecting a quick turnaround on new records will have to be patient as Lewinsky admitted that she is taking her sweet time. Speaking to Dazed , she said: "This era will be a billion times more epic than anything " Anaconda " could have delivered".

21 September 2017
Raj Thackeray MNS chief launches Facebook page to connect with masses
With his debut on the social media networking sites like Facebook, Raj Thackrey went live where he talks about the page and why he joined it.



Recommended