December 5, 2013
Wall Street edges up as Fed meeting looms
US stocks closed higher today ahead of the start of a highly anticipated Federal Reserve two-day meeting, while inflation data supported the case for the Fed to start to reduce its stimulus measures.
The Dow Jones industrial average was up 34.95 points, or 0.23 percent, at 15,529.73. The Standard & Poor's 500 Index was up 7.16 points, or 0.42 percent, at 1,704.76. The Nasdaq Composite Index was up 27.85 points, or 0.75 percent, at 3,745.70.
European shares edged lower pressured by weakness in carmakers following a fall in demand for autos last month, but the market remained close to 5-year highs after a strong rally.The pan-European FTSEurofirst 300 was down 0.4 percent to 1,254.44, having closed at 1,258.42 in the previous session - its highest close since June 2008.
The FTSEurofirst has rallied 5.2 percent since the start of September, and 12.9 percent since June's lows made after Bernanke's first comments on reining in the Fed's "quantitative easing" programme.
Meanwhile, Japan's Nikkei average fell as investors braced for a US central bank meeting at which it is expected to start winding down its massive stimulus spending.
The benchmark Nikkei shed 0.7 percent to 14,311.67 points in choppy trade, after rising to as high as 14,474.53, while the broader Topix eased 0.3 percent to 1,181.64 in moderate trade, with 3.64 billion shares changing hands.