US stocks rally ahead of Fed meeting

US stocks rally ahead of Fed meeting

New York, Sep 20 (IANS) US stocks traded higher as Wall Street awaited the Federal Reserve’s policy meeting.

The Dow Jones Industrial Average rose 106.86 points, or 0.59 per cent, to 18,230.66 on Monday, Xinhua news agency reported.

The S&P 500 added 11.23 points, or 0.52 per cent, to 2,150.39. The Nasdaq Composite Index gained 21.42 points, or 0.41 per cent, to 5,265.99.

Investors kept a close eye on the Fed’s two-day policy meeting, scheduled to begin on Tuesday, for more clues on the timing of a next rate hike.

Financial markets have been choppy last week on contrasting remarks on rate hikes by Fed officials.

“The Fed is expected to leave rates unchanged this week, but investors are now looking for a hike in December. Fed officials have called a hike before the end of the year ‘likely,’ but they said the same thing about a hike before the end of the summer in June and July,” said Chris Low, chief economist at FTN Financial, in a note.

On Friday, US stocks ended lower after wavering in a tight range as investors pondered over the key inflation data.

US dollar declines ahead of Fed meeting

New York, Sep 20 (IANS) The US dollar decreased against other major currencies as investors were awaiting the Federal Reserve meeting due to open later this week.

In late New York trading on Monday, the euro rose to $1.1175 from $1.1152 of the previous session, and the British pound increased to $1.3030 from $1.3016, Xinhua news agency reported.

The Australian dollar climbed to $0.7547 from $0.7482.

The dollar bought 101.79 Japanese yen, lower than 102.43 yen in the previous session. The dollar dipped to 0.9800 Swiss francs from 0.9811 Swiss francs, and it inched down to 1.3191 Canadian dollars from 1.3215 Canadian dollars.

The market kept a close eye on the Fed’s two-day monetary policy meeting, which is scheduled to begin on Tuesday, for more information about the pace of further interest rate-hikes.

Analysts said the recent over downbeat economic data from the country has boosted bets that the Fed will skip the chance to raise rates in its September.

The dollar index, which measures the greenback against six major currencies, was down 0.26 per cent at 95.859 in late trading.

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