US stocks up ahead of Fed meeting, Apple event

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.6 per cent at 28,163.47. ― Reuters pic

NEW YORK, Sept 15 — Wall Street stocks rose early today, extending the prior session’s gains ahead of a Federal Reserve meeting and Apple event to launch new products.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.6 per cent at 28,163.47.

The broad-based S&P 500 gained 0.9 per cent to 3,415.02, while the tech-rich Nasdaq Composite Index jumped 1.3 per cent to 11,204.44.

After two losing weeks in a row, stocks are back on the upswing. The gains reflect a “feeling” that “the recent setback for the stock market has run its course,” said Briefing.com analyst Patrick O’Hare.

Stocks could continue to climb, “fuelled by the fear of missing out on further gains,” O’Hare added.

Positive drivers for stocks include progress on coronavirus vaccines and major acquisitions unveiled in recent days. These have been countered somewhat by disappointment at the lack of progress on a US stimulus package in Congress.

Markets are looking ahead to a two-day Fed meeting concluding tomorrow with a press conference at which Chair Jay Powell is expected to maintain an accommodative stance.

Apple rose 1.9 per cent ahead of a event expected to spotlight its smartwatch, iPad, and subscription services. — AFP

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