USA dollar slides, yields slip, stocks steady after Fed meeting
USA dollar slides, yields slip, stocks steady after Fed meeting
Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York U.S
22 March, 2018, 02:10
US stocks gained on Wednesday afternoon, ahead of an near-certain interest rate hike by the Federal Reserve, as Facebook Inc's (FB.O) shares reversed course to trade higher and energy stocks got a boost from rising oil prices.
The Federal Open Market Committee is expected to lift its key interest rate during its two-day policy meeting ending Wednesday.
Markets participants are still trying to decipher the number of rate hikes this year - whether the Fed will stay at three increases as previously forecast by policy makers, or whether a fourth hike is possible.
Declines in shares of Facebook and Twitter limited gains on Wall Street.
The collapse in Facebook shares dragged the entire technology sector on the first day of the week, which put pressure on the rest of the market as well. The S&P 500 lost 2.56 points, or 0.09 percent, to 2,714.38.
The technology index.SPLRCT was up 0.36 percent.
Ahead of the Fed announcement, 2-year Treasury note yields, which are highly sensitive to Fed policy expectations, hit their highest in more than nine years on Wednesday morning at 2.35 percent.
Few economists expect new Fed chair Jerome Powell to alter the trajectory of the bank's anticipated rate path, but as it is his first meeting at the helm, investors have been somewhat on edge as the meeting approaches.
At 12:54 p.m. ET, the Dow Jones Industrial Average .DJI was up 0.55 percent at 24,864.3.
Stocks have struggled this year while bond yield have moved higher.
A pan-European equity index fell nearly 0.3%, its early weakness accelerating after the WSJ report on China and a tech shares index reversing an early bounce.
"But if we see retaliation, and significant trade disruptions, it's a different order or magnitude, could begin to affect global growth forecasts".
Concerns over the imposition of USA trade tariffs on metals and against China continue to weigh on financial markets.
Facebook shares gained 0.74 percent to stem its recent sell-off over the past two days, which cost the social media company about $50 billion in market value after reports of data misuse that raised broader questions about consumer privacy and the need for tougher regulation.
"Our base case is the Fed would raise four times this year, and that would not have a material impact to the equity markets to the upside", Josh Navarro, global investment specialist at JP Morgan Private Bank, told Reuters.
Crude oil prices jumped more than 2 percent to $63 per barrel.
As a result shares in soybean exporter Archer-Daniels (ADM.N) fell 1 percent and Bunge (BG.N) dropped 0.7 percent. U.S. West Texas Intermediate (WTI) crude futures gained $1.63, or 2.6 percent, to settle at $65.17, their highest since February 2.
The family owned company, which was founded the day before 9/11/2001, also received this message from YouTube about their content. According to MacRumors , thousands of Google employees are now involved in the testing phase for the new subscription service.
Only after pronouncing the petition, the ruling will be pronounced on Lalu in case of illegal withdrawal from Dumka Treasury. Lalu is already serving jail term of 13.5 years in three fodder cases and is lodged in the Birsa Munda jail in Ranchi .
The airline announced on Tuesday that it would temporarily halt its cargo pet-shipping program after a string of mishaps. United says it expects to complete its review by May 1, at which time reservations will likely once again be accepted.
The state has a "trigger law", which would immediately make abortion illegal in the state should the Supreme Court overturn Roe v. Phil Bryant signed the new law , which bans abortion after the 15th week of pregnancy with no exceptions for rape or incest.
Cincinnati guard Jarron Cumberland made a layup with 11 minutes, 34 seconds remaining in their Second Round game vs. Once the final horn sounded, a jubilant Caroline slid toward midcourt while Clark lay on his back under the basket.
Israel is concerned Iran is positioning itself to establish permanent bases and missile factories that threaten the Jewish state. Israel said the reactor was being constructed with the help of North Korea and was only months away from being activated.
It is unclear if Acton feels the same way about WhatsApp because that technically comes under Facebook . Acton is not the first former Facebook executive to express unease about the company after leaving it.
The concert will be held for four days from March 31 through April 3 at East Pyongyang Grand Theatre and Pyongyang Arena. South Korea says it will send a 160-member artistic delegation to North Korea, including about 10 popular K-Pop singers.
If the case proceeds through the court, Trump could, theoretically at least, be required to sit for a deposition. She cited as precedent a civil rights lawsuit against then President Bill Clinton that was ordered to proceed.
Which towns have the most snow so far from the spring storm?
The forecast high for the day will be about 70, with a 60 percent chance for rain, decreasing to 40 percent by Thursday night. Areas from I-85 north look to have the best chance for seeing a light accumulation of snow on grassy and elevated surfaces.
Cynthis Nixon goes after Cuomo over MTA issues
The actress expressed her desire to curb corruption in Albany, adding that it may be time for an Albany outsider to take charge. Despite her lack of experience, it looks like Nixon has a pretty good grasp of the political game so far.
President Trump says likely to soon meet with Putin
Trump "emphasized the importance of denuclearizing the Korean Peninsula", the White House added in a separate statement. Trump has said there was no collusion between his presidential campaign and Russians.
Ex-NFLers back new pro football league
Charlie Ebersol, son of NBC executive Dick Ebersol and creator of the 30 for 30 XFL special, is starting up the new league. Teams will be stacked with 50-man rosters, and players will be signed in regional drafts.
Roger Federer Rues Indian Wells Defeat
Federer mishit a forehand high into the air beyond the baseline, giving del Potro another break point. It was a see-sawing match with brilliant tennis from both players and fistfuls of tension throughout.
Another explosion injures 2 in Austin, Texas; cause unclear
He told reporters: "We're very concerned that with tripwires a child could be walking down a sidewalk and hit something". An FBI representative said at the briefing that 350 special agents were in Austin to help with the investigations.