Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Overnight Markets: US stocks rise after Fed minutes

Overnight Markets: US stocks rise after Fed minutes

Wall Street rallied back on Wednesday towards last week’s record highs after minutes from the last Federal Reserve meeting showed policymakers have started to detail how the central bank will end its easy monetary policy.

The Dow Jones industrial average rose 79 points or 0.47%, to 16,986. The S&P 500 gained nine points or 0.46%, to 1,973. The Nasdaq Composite added 28 points or 0.63%, to 4,419.

The Fed signaled it will end its bond purchases in October and appeared near agreement on a plan to manage interest rates in the future, according to the minutes.

In corporate news, Alcoa Inc was one of the S&P 500's biggest advancers, ending up 5.7%. On Tuesday, the US aluminum producer reported adjusted second-quarter earnings and revenue that topped Wall Street's forecasts. Wells Fargo & Co, which will report results on Friday, dipped 0.1%.

American Airlines Group shares climbed 4.3% on heavy volume. The company narrowed its second-quarter unit revenue growth forecast, raising the low end and scaling back the high end. Southwest Airlines Co gained 1.9%, while Delta Air Lines Inc rose 1.4%.

Elsewhere, Facebook Inc. advanced 3.5% to pace gains among a gauge of technology shares. Bob Evans Farms Inc. slid 4.4% as quarterly revenue missed estimates.

In Asia, shares pared an earlier gain on Thursday after Chinese trade data missed economists’ forecasts.

The MSCI Asia Pacific Index was little changed at 147 as of 10:22 a.m. in Hong Kong. Japan’s Topix index slipped 0.5%, reversing an initial gain, after a report showed core machine orders unexpectedly fell by a record 19.5% in May from the month before.

South Korea’s Kospi index added 0.1% after the central bank kept its key interest rate unchanged. Australia’s S&P/ASX 200 Index was little changed after a report showed payrolls increased by 15,900 in June, beating estimates. New Zealand’s NZX 50 Index rose 0.2%.

Hong Kong’s Hang Seng Index advanced 0.2% after rising as much as 0.5%. The Shanghai Composite Index rallied 0.2%. Singapore’s Straits Times Index and Taiwan’s Taiex index both rose 0.4%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Play Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

In the second episode of our new series, Verleyen jumps on board a black cab and explains how hard it's become to find good valuation on the market.  

Wealth Manager on Twitter