Stocks- Wall Street Inches Up Ahead of Fed Meeting

© Reuters. Wall Street inched forward on Wednesday. – Wall Street moved up slightly on Wednesday as investors wait for news from the Fed’s monetary policy meeting.

The was up two points or 0.07% to 2,788.88 as of 9:40 AM ET (13:40 GMT) while the composite increased 31 points or 0.12% to 25,351.83 and tech heavy rose over 12 points or 0.17% to 7,716.76.

The Federal Reserve is expected to raise interest rates at (18:00 GMT) as it ends it’s two-day monetary policy meeting. , investors will closely pour over the Fed’s forecasts for interest rates, known as the “dot-plot” for signs of more interest rate hikes.

The expectation of four rate hikes rather than three has increased amid rising inflation and a strengthening economy.

Netflix (NASDAQ:) was among the top gainers after the morning bell, rising 1.33% after Goldman increased its price target while Time Warner Inc (NYSE:) surged 3.60% after a judge ruled in favor of its merger with AT&T (NYSE:), which was down 4.13%.

Tesla (NASDAQ:) gained 0.29% while Twitter Inc (NYSE:) rose 0.90% and social media firm Snap Inc (NYSE:) was up 2.34%.

Financial stocks were down, with H&R Block (NYSE:) falling 19.00% after it said it expects its margins to shrink while HDFC Bank Limited ADR (NYSE:) dipped 1.59%.

In Europe stocks were mostly up. Germany’s rose 44 points or 0.35% while in France the increased 10 points or 0.20% and in London, the was up 25 points or 0.33%. Meanwhile the pan-European gained seven points or 0.22% while Spain’s fell nine or 0.10%.

In commodities, rose 0.03% to $1,299.80 troy ounce while futures decreased 0.63% to $65.94 a barrel. The , which measures the greenback against a basket of six major currencies, slumped 0.13% to 93.70.

Disclaimer: Fusion Media would like to

Read More Here...

Bookmark the permalink.