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.



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