{"id":50119,"date":"2017-11-02T05:29:09","date_gmt":"2017-11-02T05:29:09","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=50119"},"modified":"2017-11-02T05:29:09","modified_gmt":"2017-11-02T05:29:09","slug":"stocks-hit-high-on-data-earnings-fed-keeps-rates-steady","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/stocks-hit-high-on-data-earnings-fed-keeps-rates-steady.html","title":{"rendered":"Stocks hit high on data earnings Fed keeps rates steady"},"content":{"rendered":"

Stocks hit high on data earnings Fed keeps rates steady<\/span><\/strong><\/span><\/h2>\n

Stocks hit high on data earnings Fed keeps rates steady: The Federal Reserve kept rates unchanged on Wednesday and 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. Traders put the chance of a rate hike next month at 86.3 percent, according to Thomson Reuters data.<\/span><\/p>\n

MSCI\u2019s gauge of stock markets held gains in the wake of the announcement, although the index was off a high hit earlier in the session.<\/span><\/p>\n

\u201cWe are still looking at an environment of pretty aggressive monetary policy and that just flows through to asset pricing so I don\u2019t see any big decline coming,\u201d said Stephen Massocca, Senior Vice President at Wedbush Securities in San Francisco.<\/span><\/p>\n

\u201cIt might be valuations hold the market back but that money has got to flow somewhere.\u201d<\/span><\/p>\n

Next up for the central bank is the expected announcement on Thursday of a new Fed chair nominee from U.S. President Donald Trump. Market participants widely expect it to be Fed Governor Jerome Powell, who is considered more dovish on interest rates than some other candidates and thus relatively stock-market friendly.<\/span><\/p>\n

Data on Wednesday showed the U.S. economy remained on solid footing ahead of Friday\u2019s payrolls report. Although a measure of factory activity lost ground as hurricane-related supply disruptions faded, another report showed <\/span>private sector hiring surged.<\/span><\/p>\n

The dollar index .DXY rose 0.26 percent, with the euro EUR= down 0.23 percent to $1.1617.<\/span><\/p>\n

Shares of Japanese multinational Sony (6758.T) soared as much as 12.3 percent to a nine-year high after the electronics and entertainment firm forecast its best-ever annual profit. U.S. listed shares of the stock were up 0.3 percent at $43.54.<\/span><\/p>\n

The 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

Benchmark 10-year notes US10YT=RR last rose 2\/32 in price to yield 2.3703 percent, from 2.376 percent late on Tuesday.<\/span><\/p>\n

After the closing bell in the United States, earnings are expected from Facebook (FB.O), which was up 1.44 percent as the biggest boost to the S&P 500. On Thursday, earnings are expected from iPhone maker Apple Inc (AAPL.O).<\/span><\/p>\n

Of 326 companies in the S&P 500 that have reported results, 73 percent topped analyst expectations, compared with 72 percent over the past four quarters, according to Thomson Reuters data. The earnings growth estimate for the quarter is currently at 7 percent.<\/span><\/p>\n

The pan-European FTSEurofirst 300 <\/span>index .FTEU3 rose 0.43 percent after touching its highest level since August 2015 and MSCI’s gauge of stocks across the <\/span>globe .MIWD00000PUS gained 0.30 percent.<\/span><\/p>\n

A rise in oil prices to their highest level since mid-2015 also served to boost energy names. Oil prices retreated, however, after U.S. government data showed that the latest weekly draw in domestic crude stocks was not as big as an industry trade group had reported.<\/span><\/p>\n

U.S. crude CLcv1 settled at $54.30 per barrel, down 0.15 percent and Brent LCOcv1 settled at $60.49, down 0.74 percent on the day.<\/span><\/p>\n

The S&P energy <\/span>index .SPNY gained 1.1 percent, on track for the best day since late September, while in Europe basic resources <\/span>stocks .SXPP jumped 2.7 percent.<\/span><\/p>\n

Source:http:\/\/www.reuters.com\/article\/us-global-markets\/stocks-hit-high-on-data-earnings-fed-keeps-rates-steady-idUSKBN1D1392<\/span><\/p>\n

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