Dow Jones up 44 heading to close as market awaits Fed meet

Dow Jones up 44 heading to close as market awaits Fed meet

Dow Jones up 44 heading to close as market awaits Fed meet

USA stock index futures pointed to a higher open on Tuesday as traders awaited a Federal Reserve meeting for further clues on monetary policy.

The rally in US showed little sign of fatigue as investors piled into equities amid falling tensions on the Korean Peninsula while financials surged amid expectations that the Federal Reserve will reaffirm its outlook that an additional rate hike remains appropriate this year, when it concludes its two-meeting policy meeting on Wednesday.

The Dow Jones added 50 at 22,381, while the tech heavy Nasdaq index gained 9.49 at 6,464, while S&P 500 added 3.49 at 2,507. After pushing the S&P above its 2,500-point milestone last week, investors were holding their fire as they awaited more clues on the timing of the next rate hike from Fed Chair Janet Yellen.

The S&P 500 Index - 6%-7%. "This prospect could begin to pull traders to the sidelines over the next day and a half, but for now there is a risk-positive theme running through the markets", said Richard Perry, market analyst at Hantec Markets, in a note. The Fed could announce plans to begin unwinding its $4.2 trillion portfolio of Treasurys and mortgage-backed securities.

Britain's FTSE 100 ended the session up 0.3 per cent at 7,275.25 points after a volatile start to trading as investors hesitated ahead of the Fed's two-day meeting starting later in the day.

However, the tensions could be back in focus with U.S. President Donald Trump set to address world leaders at the United Nations on Tuesday. Markets were little impacted by the speech.

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On Thursday, the Bank of Japan will also hold a regular policy meeting, and is widely expected to maintain the status quo as inflation remains stubbornly weak despite a modest economic recovery.

A separate report released by the Labor Department showed increases in USA import and export prices in the month of August.

AutoZone Inc.(AZO) fell 2.6% despite the auto parts retailer reported earnings and revenue that beat forecasts (http://www.marketwatch.com/story/autozones-stock-rallies-after-profit-and-sales-rise-above-expectations-2017-09-19). Northrop's shares rose 1.64 per cent.

Shares of Valero Energy Corp. Nvidia which has been the leader of late fell -0.11%, but Micron (MU) rose 1.47% and Intel was up 0.62%. Shares of Plains dipped 0.6%. Morgan Stanley raised its price target on the stock to $194 from $182.

U.S. stocks were still higher heading into the close, with the Dow Jones up nearly 43 at 22,373. The Vix tends to go higher if the market is anxious about a decline in stocks.

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