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Wall Street tipped to gain after Fed cheer

Thursday, September 22, 2016 6:10
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(Before It's News)

Wall Street was tipped to rise in early trading on Thursday as markets welcomed Wednesday’s decision by the Federal Reserve to sit tight on US interest rates.

The Dow Jones Industrial Average was expected to gain 0.4% after the opening bell, leaving it above 18,350 for the first time since early September.

The Fed kept rates and policy unchanged at September’s meeting but it was a split decision, with three committee members voting for a hike before the end of the year.

PhillipCapital UK market economist Ana Thaker said the difference of opinion amongst committee members would make for an interesting end to the year.

“We are likely to now get even more mixed messages from the Fed, leaving markets even more confused about what to expect,” she said.

“The FOMC voting pattern seen yesterday is a far cry from a generally united committee we have seen under the leadership of Yellen and looks to be a turning point for the monetary policy in the US.”

The Fed decision was anticipated to dominate sentiment, with jobless claims and existing home sales figures thought unlikely to spring any surprises.

Oil continued a breakout as EIA crude inventories confirmed Tuesday’s API data showing a 7.5m barrel drawdown, raising hopes that a supply glut was easing.

The price of a barrel of Brent crude rose 1.7% to US$47.63 while a barrel of US light crude ticked up nearly 2% to US$46.26.

In corporate news, Apple Inc (NASDAQ:AAPL) reportedly approached Formula One racing outfit McLaren about an investment or potential takeover.

McLaren said it was not in talks with the tech giant, but said it regularly talked to a wide range of parties.

Story by ProactiveInvestors

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