U.S. Stocks Fluctuate Before Federal Reserve Decision
It has been reported that U.S. stocks fluctuated after the S&P 500 index rose to a third straight record, as investors awaited the Federal Reserve’s decision regarding stimulus and assessment of the economy.
The S&P 500 rose less than 0.1 percent to 1,772.81 at 10.03am in New York with The Dow Jones Industrial Average adding 9.32 points, or 0.1 percent to 15,689.67.
Furthermore, reports state that the S&P 500 rose 0.6 percent yesterday to set a record for a third straight day as corporate earnings exceeded estimates and declines in retail sales and consumer confidence stoked speculation the Fed will maintain its bond purchases.
Jacques Porta, a fund manager at Ofi Gestion Privee in Paris commented that “markets are up because investors anticipate a status quo in the Fed’s quantitative-easing program”.
The Federal Open Market Committee concludes a two day monetary policy meeting today. The central bank will continue to maintain stimulus measures at the current level until March 2014 according to economists. The Feds decision and the outcome of this cannot be predicted, however only time will tell.