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Stocks Close Higher After Fed Minutes Come Out

Posted by Unknown on Wednesday, August 20, 2014


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Business Day |Stocks Open Slightly Lower After Two Days of Gains



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United States stocks opened lower on Wednesday after two straight days of gains.


KEEPING SCORE The Dow Jones industrial average edged down 0.04 percent at the opening bell. The Standard & Poor’s 500-stock index fell 0.1 percent, and the Nasdaq composite index was down 0.20 percent. Germany’s DAX lost 0.4 percent and France’s CAC 40 slipped 0.3 percent. Britain’s FTSE 100 fell 0.4 percent.


ASIA’S DAY Hong Kong’s Hang Seng closed up 0.2 percent while Japan’s Nikkei 225 ended little changed. Australia’s S.&P./ASX 200 added 0.2 percent while Southeast Asian markets advanced. Taiex of Taiwan rose 0.5 percent while Kospi of Seoul added nearly 0.1 percent.


COMPANY REPORTS Lowe’s fell 3 percent in early trading after the home improvement company lowered its full-year revenue outlook.


U.S. OUTLOOK Signs that inflation is under control in the United States, as well as fairly positive earnings reports and other indicators of a healthy economy, helped Asian shares. But that upbeat sentiment turned cautious as traders prepared for more clues on when the Fed might start raising interest rates. If the economy does better than expected, the Fed might act earlier than expected. The minutes “will be reviewed for discussion on how recent developments in inflation and employment conditions have influenced committee members’ views on the timing of the rate liftoff,” said Michael Carey, analyst at Crédit Agricole CIB.


RATE INCREASES Many analysts predict the Fed will start raising interest rates sometime in 2015. Besides the release of minutes Wednesday, eyes will also be on a speech later in the week by the Fed chairwoman, Janet L. Yellen. Talk about interest rates has also grown in Britain, where minutes of the Bank of England’s last meeting showed that two out of nine board members had voted for a rate increase this month. The news weighed on British stocks and the pound, but many analysts said the Bank of England’s board was not likely to reach a majority vote for a rate increase before early next year.


CURRENCIES The dollar has surged recently to 103 yen levels, and was trading at 103.33 yen, up from 102.95 yen late Tuesday. The euro fell to $1.3283 from $1.3322, while the pound rose to $1.6651 from $1.6617.


BONDS Bond prices fell. The yield on the 10-year Treasury note rose to 2.41 percent.


ENERGY Benchmark United States crude for September delivery was up $1.22 at $95.70 a barrel in electronic trading on the New York Mercantile Exchange. It dropped sharply Tuesday and was down nearly 4 percent for August because of ample supplies. The September contract expires Wednesday. The more actively traded October contract was up 29 cents at $93.15 a barrel.



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