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December 14, 2017
Wednesday, September 17, 2014

Wall Street edges higher after Fed; Dow sets record

US stocks edged higher in volatile trading after the US Federal Reserve renewed its pledge to keep interest rates near zero for a "considerable time" and repeated concerns over slack in the labor market, standing firm against calls to overhaul its policy statement.

Interest rate projections, however, show Fed officials expect rate hikes, when they come, will do so at a quicker pace than previously forecast. The US dollar jumped against the euro and yen after the statement and data release. Shares in financials, up 0.4 percent, extended gains to end the session as one of the better performing S&P sectors took the lead on the S&P 500.

The Dow Jones industrial average rose 24.88 points, or 0.15 percent, to 17,156.85, the S&P 500 gained 2.59 points, or 0.13 percent, to 2,001.57 and the Nasdaq Composite was added 9.43 points, or 0.21 percent, to 4,562.19.

European equities advanced in cautious trading on expectations that the US Federal Reserve would signal in a meeting after the close that it would continue to keep interest rates low for a longer period.

However, British equities underperformed, as investors remained jittery ahead of Scotland's referendum on independence tomorrow. Three opinion polls showed Scottish supporters of staying in the United Kingdom were 4 percentage points ahead of secessionists.

Britain's blue-chip FTSE 100 index closed down 0.2 percent, against a 0.4 percent gain for the FTSEurofirst 300 index of top European shares to 1,385.09 points. The European index hit a two-week low in the previous day.

Meanwhile, Japan's Nikkei share average edged down in choppy trade today as investors stayed focused on the outcome of the Federal Reserve's two-day policy meeting amid expectations that it may keep rates low.

The Nikkei share average ended 0.1 percent lower to 15,888.67 after trading in positive territory.

The US Federal Reserve could offer fresh clues after Wednesday's FOMC monetary meeting on when it plans to begin lifting interest rates and how quickly it will move as it prepares for a momentous policy turn after years of aggressive stimulus.

The broader Topix shed 0.5 percent to 1,304.96, and the JPX-Nikkei Index 400 dropped 0.4 percent at 11,822.30.

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Tags:  Stocks  shares  FTSEurofirst  Nikkei  US  Dow Jones  





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