NEW YORK (Reuters) - Stocks were higher on Tuesday, with investors expecting quiet trading ahead of a key decision by a German court and possible policy action from the Federal Reserve that could point to more monetary stimulus.
Wall Street's advance was led by energy and financial names, but volume was light with a busy calendar ahead later in the week.
"I wouldn't trust anything that happens today as an investor or trader," said Tom Alexander, head of Alexander Trading, in Savannah, Georgia. "The markets are probably going to be rotational. The most important is going to be the Fed, what they do immediately and what they plan to do going forward."
Last week, equities rallied on expectations for fresh stimulus measures from central banks, with economists forecasting a 60 percent chance the Fed will announce another round of quantitative easing at the conclusion of its two-day meeting this Thursday.
Germany's Constitutional Court on Wednesday is expected to approve the European Stability Mechanism -- the euro zone's new bailout fund -- but legal experts believe it will impose tough conditions limiting Berlin's flexibility on future rescues. A more stringent ruling could be seen as a negative by markets.
Another event which could cause turbulence in markets is a Dutch general election on Wednesday, with voters divided between bailouts for troubled euro zone economies and austerity measures locally.
The Dow Jones industrial average <.dji> was up 72.32 points, or 0.55 percent, at 13,326.61. The Standard & Poor's 500 Index <.spx> was up 5.66 points, or 0.40 percent, at 1,434.74. The Nasdaq Composite Index <.ixic> was up 7.32 points, or 0.24 percent, at 3,111.35.
McDonald's Corp
Package delivery companies FedEx Corp
Knight Capital Group Inc
Zynga Inc's
(Editing by Dave Zimmerman)
Source: http://news.yahoo.com/wall-street-drops-fed-tech-sector-weighs-000217158--sector.html
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