Markets

Stocks Nearly Flat As Fed Announcement Looms

Stocks Nearly Flat As Fed Announcement Looms

Stocks are inching mostly lower on Wall Street after the Federal Reserve said it would start reducing its huge bond portfolio next month and was still on track to raise interest rates later this year. Eight of the 11 major S&P sectors were higher, led by 0.50% gain in the energy index.

Broad declines were reported in consumer staples, utilities and information technology shares.

The S&P financial index was up 0.2 percent on Wednesday after rising 0.8 percent in the previous session.

The Nasdaq composite lost 5.28 points, or 0.1 percent, to 6,456.04.

A measure of 30-day volatility known as the CBOE VIX (NYSEARCA:VXX) edged down slightly on Wednesday. Wells Fargo & Co. rose 65 cents, or 1.2 percent, to $53.36.

With no response from Pyongyang to Mr. Trump's threats, investors seemed to turn their attention to the Fed's meeting, where the central bank is expected to announce that it will keep rates unchanged and that it will start unwinding its $4.5 trillion balance sheet.

If the Fed reduces its balance sheet, investors are betting that would lift yields for longer-term treasuries, which could boost bank profits, Detrick said.

Officials upped their 2017 growth forecast to 2.4% from 2.2% in June.




Transportation stocks also showed a notable move to the upside on the day, resulting in a 1.6% advance by the Dow Jones Transportation Average.

Oil prices were higher, but pared gains after data showed a bigger-than-expected build in USA crude inventories.

The continued decrease surprised economists, who had expected existing home sales to edge up to an annual rate of 5.46 million.

The Final Word: The Federal Reserve remains on course to normalize monetary policy as previously planned, a sign policymakers remain generally upbeat about the economic recovery. Singapore added more than one percent, with Wellington 0.2 percent higher and Taipei climbing 0.4 percent.

The strength in the oil service sector came amid a notable increase by the price of crude oil, with crude for October delivery climbing USD0.93 to USD50.41 a barrel.

Globally, the Hang Seng climbed 1.3%, the FTSE 100 rose 0.5%, the Shanghai Composite increased 0.3% while the Nikkei was closed for a holiday. ConocoPhillips gained 1.3 percent. Australia's S&P/ASX 200 edged down 0.1 percent, while South Korea's Kospi lost almost 0.1 percent.

CURRENCIES: The dollar rallied against its peers after the Fed statement, rising to a almost two-month high of 112.53 yen from 112.23 yen on Wednesday.


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