United States stocks close higher ahead as Fed meeting starts

United States stocks close higher ahead as Fed meeting starts

United States stocks close higher ahead as Fed meeting starts

The Dow Jones Industrial Average rose 0.19 per cent to 22,412.59, its seventh straight record close.

The major averages eventually ended the session mixed, with the Dow and the S&P 500 rising to new record closing highs.

The three major US stock indexes edged higher on Tuesday, logging closing records, with financial stocks providing the biggest boost a day ahead of the Federal Reserve's concluding statement from its two-day policy meeting.

Analysts say that United States investors are starting to believe that the oil market has again turned up.

The Federal Reserve said it would leave interest rates unchanged today, but that a hike remains likely before the end of the year.

Fed Chair Janet Yellen said that she expects that Hurricanes Harvey and Irma will impact the American economy, but that those effects are unlikely to damage economic growth long-term.

With the unexpected decrease, existing home sales fell to their lowest annual rate since hitting 5.34 million last August.

United States stocks close higher ahead as Fed meeting starts
United States stocks close higher ahead as Fed meeting starts

Oil service stocks have moved significantly higher, however, with the Philadelphia Oil Service Index jumping by 1.9%. The index reached its best closing level in two months. In London, Brent crude, its global counterpart, slid 0.3% or to $US55.48 a barrel.

Alnylam Pharmaceuticals ( ALNY ) posted a standout gain after the biopharmaceutical company reported positive trial results for its treatment of a rare genetic disease.

Gold again fell - down 1.2% to $US1,309 an ounce, while West Texas Intermediate oil futures (WTI) oil futures jumped to a touch under $US50 a barrel in NY. The weakness in the sector came as the price of gold came under pressure in electronic trading.

Most of the major sectors continue to show only modest moves in mid-day trading, contributing to the lackluster performance by the broader markets.

Gold, biotechnology, and natural gas stocks are also seeing notable strength, while weakness among semiconductor and computer hardware stocks is weighing on the tech-heavy Nasdaq. Japan's Nikkei 225 Index inched up by 0.1 percent, while Australia'sS&P/ASX 200 Index dipped by 0.1 percent. While the UK's FTSE 100 Index edged down by 0.1%, the German DAX Index and the French CAC 40 both crept up by 0.1%.

In line with expectations, the Fed said it would begin in October to cut its roughly $US4.2 trillion in US Treasury bonds and mortgage-backed securities holdings by initially cutting up to $US10 billion each month from the amount of maturing securities it reinvests. And, about ET, S&P 500 e-minis Esc2, they were up by 0.02%, with 71 contracts changing hands.

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