Tuesday, 18 December, 2018

Wall St edges up on telecom gains; Fed meet in focus

Closing Indexes Summary September 18 Dow, S&P 500 score back-to-back records; Nasdaq again lags behind
Kayla Schwartz | 20 September, 2017, 13:57

Sept 19 (Reuters) - U.S. stocks were little changed on Tuesday as investors held back from making major bets ahead of the Federal Reserve's policy meeting that is expected to roll out a plan to pare the central bank's debt holdings.

But the tech heavy Nasdaq Composite, which had hit an all-time high of 6,477.77 earlier in the day trimmed those gains add finished the day just 0.1% higher at 6,454,64 and short of a record close. Futures for the Nasdaq-100 Index NQZ7, +0.09% added 2.25 points to 5,989.

The blue-chip CSI300 index rose 0.3 percent, to 3,843.14 points, while the Shanghai Composite Index also added 0.3 percent, to 3,362.86 points.

U.S. stocks ended higher on Tuesday, with Dow and Nasdaq closing at record highs, as the Federal Reserve began a two-day monetary policy meeting.

Although North Korea's latest missile test happened on Friday, investors appear to have become de-sensitised.

Northrop Grumman gained $2.14, or 0.8 percent, to $278.116.

A third successive record on Wall Street, fanned by speculation about Trump's economic agenda, was not enough to entice buying in the region as equity dealers cash in recent gains. It ended 0.49 percent lower on Tuesday, taking the year-to-date performance to about 12 percent.

Some analysts remained uncertain, however, as to how markets will react should the Fed announce that it will begin to unwind its $4.5tn balance sheet.

Alex Gordon's home run breaks Major League Baseball single-season home run record
That's a dramatic increase from just a few years ago, when everyone was suddenly anxious about the lack of power in the game. In 2014, there were 57 players with 20-plus home runs; entering Tuesday, there were 108 (the most was 111 in 2016).

The electronics retailer said it would cut US$600 million (RM2.5 billion) in annual costs through 2021 and that it would garner an eight to nine per cent growth in per-share earnings in 2021 compared with 2017.

Spreadbetters expected Britain's FTSE to start unchanged and Germany's DAX and France's CAC to each open down about 0.1 percent.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange fell 1.1 percent to 2,805 ringgit ($669.93) a tonne at the end of the trading day, the first day of a new trading contract.

USA import prices posted their biggest gain in seven months in August amid a spike in petroleum costs.

Amazon's share price fell 1.3 per cent at Monday's close of trade.

Telecom stocks showed a significant move to the upside on the day, driving the NYSE Arca Telecom Index up by 1.1%.

In Europe, the broadest measure of share prices, the Stoxx Europe 600, slipped 0.14% by 10:00 am London time as a weaker US dollar lifted the euro to around 1.1986 and held down gains for regional equities. Hong Kong's Hang Seng fell almost 0.4 percent.

In the currency market, the USA dollar is trading in the mid 111 yen-range on Wednesday.

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