Thursday, 14 December, 2017

Wall Street adds to gains after Fed holds rates steady

Dow futures rise 100 points on strong earningsMore Dow futures rise 100 points on strong earningsMore
Preston Stone | 29 July, 2017, 07:37

July 26 (Reuters) - U.S. stock indexes opened at record highs on Wednesday following a set of strong quarterly earnings, led by Boeing and AT&T, while investors awaited the outcome of a two-day Federal Reserve meeting. Boeing and AT&T rose sharply after posting strong second-quarter results.

Verizon also rose 34 cents to $44.32 as phone companies did far better than the broader market.

Separately, AT&T Inc., Chipotle Mexican Grill Inc., and Advanced Micro Devices Inc. all rallied following their results. Texas Instruments advanced $1.53, or 1.9 percent, to $82.92 after its second-quarter report. Baxter fell $1.43, or 2.3 percent, to $60.66.

Amgen (AMGN.O) was down 2.9 percent after the biotechnology company's sales for an infection fighter drug came in below expectations. Thermo Fisher sank $5.76, or 3.2 percent, to $174.37. It gave a forecast for third-quarter revenue and other measures that were lower than analysts were expecting, and its stock dropped $7.79, or 14.6 percent, to $45.49.

They are not expected to raise rates, but their comments will be analysed for any clues about the timing of future interest rate increases.

The central bank voted to keep interest rates unchanged at 1.25% and said balance sheet normalization would begin shortly.

Senate Judiciary Committee Issues Subpoena For Paul Manafort To Testify Publicly
Manafort met with Senate Intelligence Committee staff on Tuesday morning, his spokesman said. Manafort's participation in Wednesday's hearing", the two senators said in their statement.

U.S. Treasury prices pulled back from early gains following the latest batch of economic data, which included June durable good orders and weekly initial jobless claims; the benchmark 10-year yield is down 2 bps at 2.32% while the two-year yield is up by a basis point at 1.37%.

The CAC 40 of France gained 0.4 per cent to 5,211.86 and Britain's FTSE 100 was flat at 7,451.38. Taiwan's index climbed 0.9 per cent after electronics maker Foxconn announced a $10 billion investment in Wisconsin that is expected to create 3,000 jobs.

COMMODITIES: The price of oil continued its recent ascent, and benchmark USA crude topped $48 per barrel for the first time in seven weeks. It slipped 4 cents to $48.71 per barrel in electronic trading on the New York Mercantile Exchange after surging 86 cents, or 1.8 per cent, to $48.75 per barrel on Wednesday. Brent crude, the global standard, gained 44 cents to $50.80 per barrel.

Natural gas fell 2 cents to $2.92 per 1,000 cubic feet.

CURRENCIES: The dollar edged up to 111.19 Japanese yen from 111.17 yen on Wednesday. The euro fell to $1.1633 from $1.1652, and the British pound dipped to $1.3036 from $1.3037.

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