Published: Sun, February 04, 2018
Markets | By Erika Turner

US indices end tad up as US Fed leaves rates unchanged

US indices end tad up as US Fed leaves rates unchanged

The Dow Jones Industrial Average on Wednesday was on track to eat away of some of the losses incurred over the past two sessions.

Stocks moved higher in midday trading after several big US companies reported strong quarterly results.

Chipmaker Advanced Micro Devices rose 5.1 percent and Electronic Arts rose 7.6 percent.

NASDAQ measures a number of indices reflecting the reaction of USA's high tech markets and business environments on the country's political and economic developments which have an impact on high tech markets.

Shutterfly (SFLY) spiked more than 21% after reporting a huge jump in forth-quarter earnings and revenue well above consensus estimates.

The Nasdaq composite climbed 9 points, or 0.1 percent, to 7,411.48. Australia's S&P/ASX 200 rose 0.8 percent to 6,083.60.

Dow Jones closed at 26149.3 up 0.28%, S&P 500 ended at 2823.8 up 0.05% and Nasdaq was at 7411.4 up 0.12%.

Xerox rose 10.5 percent after reporting a strong quarter of its own.

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Apple shares initially struggled for direction before falling 1.4 per cent as investors gave more credence to the company's muted forecast than strong iPhone prices and cash plans.

Traders were still reacting to the news, but shortly after the announcement spread betting quotes were pointing to the Dow Jones average opening at around 25,956, down 231 points, while the S&P 500, which closed at 2,822 last night, was trading at around 2,801. The stock was down $7.29 to $120.03.

Elsewhere, oil prices were moving higher in early European trading hours, boosted by a weaker dollar.

Volume on US exchanges was 5.39 billion shares, compared to the 7.33 billion average for the full session over the last 20 trading days. The stock lost $6 to $104.33. Brent crude, used to price global oils, gained 26 cents to $69.15 per barrel in London. The yield on the 10-year Treasury fell to 2.71 percent from 2.72 percent late Tuesday.

BOND YIELDS: Bond prices fell. The euro strengthened to $1.2478 from $1.2410.

Benchmark U.S. crude oil rose $1.07, or 1.7 percent, to settle at $65.80 per barrel on the New York Mercantile Exchange.

With Friday's rout, Wall Street's three major indexes logged their biggest weekly losses in two years, after closing at record highs the previous week. But Hong Kong's Hang Seng index dipped 0.1 percent to 32,843.20 and China's Shanghai Composite Index lost 0.9 percent to 3,449.93. Markets in Asia finished mixed. S&P 500 futures were ahead 0.5%.

FED RATE: The Fed kept its key rate in a still-low range of 1.25 percent to 1.5 percent and said in a statement that it expects inflation to finally pick up this year, stabilizing around the Fed's target level of 2 percent.

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