Wall Street up as Fed bets, company news offset economic woes – Investing.com

© Reuters. Traders work on the floor of the New York Stock Exchange© Reuters. Traders work on the floor of the New York Stock Exchange

By Rodrigo Campos

NEW YORK (Reuters) – U.S. stocks rose in a volatile Tuesday session as energy shares rallied, and on bets the Federal Reserve will be cautious in removing support in the face of a more fragile global economy.

Futures had crumbled in early trading as the neared 80 per U.S. dollar. The Russian currency was recently down about 11 percent on the session, near 73 per dollar. Adding to global concerns, data showed factory activity shrinking in China and euro zone business growth remaining weak.

However, market participants cited bets on the Federal Reserve’s next move in response to a more fragile global economic picture as giving stocks support. The Fed is expected to review whether it will maintain that it expects benchmark rates to remain near zero for a “considerable time.”

“Perhaps markets think the Fed will not be as on-schedule on taking out that language,” said Quincy Krosby, market strategist at in Newark, New Jersey.

She said the market is betting the Fed will give consideration to rapidly changing financial conditions. A Fed statement and news conference are expected on Wednesday.

At 11:22 a.m. EST (1622 GMT) the (DJI) rose 146.74 points, or 0.85 percent, to 17,327.58, the (SPX) gained 16.1 points, or 0.81 percent, to 2,005.73 and the (IXIC) added 14.69 points, or 0.32 percent, to 4,619.85.

lost more than 2 percent to $59.81 per barrel and was almost flat.

Energy sector stocks , up 2.9 percent, were the largest gainers on the S&P 500.

Prudential’s Krosby said investors are looking for a bottom in big energy names to step back into the market.

(N:CVS), up 4.2 percent to $93.68, led gains on the S&P 500 after it provided guidance, while 3M (N:) lifted its dividend and was the top gainer on the Dow industrials with a 1.7 percent advance.

Boeing (N:), up 2 percent at $124.55, was among the best performers on the day after it raised its dividend and perked up its buyback program.

Advancing issues outnumbered declining ones on the NYSE by 1,696 to 1,236, for a 1.37-to-1 ratio on the upside; on the Nasdaq, 1,498 issues rose and 1,048 fell for a 1.43-to-1 ratio favoring advancers.

The benchmark S&P 500 index was posting 6 new 52-week highs and 39 new lows; the Nasdaq Composite was recording 14 new highs and 143 new lows.

(Editing by Chizu Nomiyama, Nick Zieminski and Meredith Mazzilli)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.
Want something else to read? How about ‘Grievous Censorship’ By The Guardian: Israel, Gaza And The Termination Of Nafeez Ahmed’s Blog

Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *