{"id":50115,"date":"2017-11-02T05:38:40","date_gmt":"2017-11-02T05:38:40","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=50115"},"modified":"2017-11-02T05:38:40","modified_gmt":"2017-11-02T05:38:40","slug":"wall-st-edges-higher-after-fed-holds-steady-on-rates","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/wall-st-edges-higher-after-fed-holds-steady-on-rates.html","title":{"rendered":"Wall St. edges higher after Fed holds steady on rates"},"content":{"rendered":"

Wall St. edges higher after Fed holds steady on rates <\/span><\/strong><\/span><\/h2>\n

\nWall St. edges higher after Fed holds steady on rates: The U.S. central bank pointed to solid U.S. economic growth and a strengthening labor market while downplaying the impact of recent hurricanes, a sign it is on track to lift borrowing costs again in December.<\/span>
\nThe Fed has raised rates twice this year and currently forecasts one more hike by the end of 2017 as part of a tightening cycle that began in late 2015.<\/span><\/p>\n

\nOn top of confirming the market\u2019s expectation that it would not hike rates at this meeting, the Fed also \u201cmade some fairly favorable comments about the economy,\u201d said Alan Lancz, president of investment advisory firm Alan B. Lancz & Associates Inc in Toledo, Ohio. \u201cThat gave a little boost of confidence to investors.\u201d<\/span><\/p>\n

\nThe Dow Jones Industrial Average .DJI rose 57.77 points, or 0.25 percent, to 23,435.01, the S&P 500 .SPX gained 4.1 points, or 0.16 percent, to 2,579.36 and the Nasdaq Composite .IXIC dropped 11.14 points, or 0.17 percent, to 6,716.53.<\/span><\/p>\n

\nSPNY was the best-performing S&P 500 sector, rising 1.1 percent while utilities. SPLRCU lagged the most.<\/span><\/p>\n

\nTech SPLRCT, which has led the market\u2019s rise this year, closed up 0.1 percent for its fifth straight session of gains.<\/span><\/p>\n

\nAfter the market closed, Facebook (FB.O) shares were down 1.7 percent in volatile trading after the social media company\u2019s quarterly report.<\/span><\/p>\n

\nInvestors had all but ruled out a move at the U.S. central bank\u2019s policy meeting this week with attention focused on who will be in charge of monetary policy at the end of Fed Chair Janet Yellen\u2019s first term in February 2018.<\/span><\/p>\n

\nPresident Donald Trump is set to announce his nomination on Thursday. Fed Governor Jerome Powell, who has supported Yellen\u2019s gradual approach to raising rates, is viewed as relatively stock-market friendly and the likely choice.<\/span><\/p>\n

\nAfter the closing bell, a Wall Street Journal report, citing a person familiar with the matter, said the White House has notified Powell that it will nominate him as the next Fed chair on Thursday. S&P 500 e-mini futures EScv1 were down 0.1 percent after trading resumed.<\/span>
\n\u201cThis was what was expected. So I think the market was pretty much pricing that in,\u201d said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago.<\/span>
\nDevelopments at the Fed come as corporate earnings, which have supported the stock market\u2019s run to record highs, are coming in generally above expectations for the third quarter.<\/span><\/p>\n

\nWith about two-thirds having reported, S&P 500 companies are on track to have earnings growth of 7 percent for the third quarter, up from 5.9 percent growth expected at the start of October, according to Thomson Reuters I\/B\/E\/S.<\/span><\/p>\n

\nEstee Lauder (EL.N) shares rose 9.2 percent after the cosmetics maker forecast holiday-quarter sales ahead of market expectations. U.S. Steel (X.N) shares rose 7.8 percent after the company\u2019s quarterly report.<\/span><\/p>\n

\nIn economic data, a measure of U.S. factory activity retreated from a 13-1\/2-year high in October as some of the <\/span>boost<\/span> from hurricane-related supply disruptions faded, but continued to point to strengthening manufacturing conditions. Other data showed a surge in private sector hiring in October.<\/span><\/p>\n

\nAdvancing issues outnumbered declining ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.69-to-1 ratio favored decliners.<\/span><\/p>\n

\nAbout 6.9 billion shares changed hands <\/span>in<\/span> U.S. exchanges, above the nearly 6.2 billion daily average over the last 20 sessions.<\/span><\/p>\n

\nSource:http:\/\/www.reuters.com\/article\/us-usa-stocks\/wall-st-edges-higher-after-fed-holds-steady-on-rates-idUSKBN1D14J5<\/span><\/p>\n

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