ANL 14.34 Decreased By ▼ -0.41 (-2.78%)
ASC 13.95 Decreased By ▼ -0.05 (-0.36%)
ASL 15.10 No Change ▼ 0.00 (0%)
BOP 8.52 Decreased By ▼ -0.08 (-0.93%)
BYCO 6.54 Decreased By ▼ -0.15 (-2.24%)
FCCL 18.80 No Change ▼ 0.00 (0%)
FFBL 26.85 Increased By ▲ 0.35 (1.32%)
FFL 11.00 Decreased By ▼ -0.19 (-1.7%)
FNEL 10.51 Decreased By ▼ -0.38 (-3.49%)
GGGL 16.25 Increased By ▲ 0.55 (3.5%)
GGL 31.50 Decreased By ▼ -0.61 (-1.9%)
HUMNL 6.24 Decreased By ▼ -0.11 (-1.73%)
JSCL 16.89 Decreased By ▼ -0.37 (-2.14%)
KAPCO 33.10 Decreased By ▼ -0.15 (-0.45%)
KEL 3.27 Increased By ▲ 0.04 (1.24%)
MDTL 2.27 No Change ▼ 0.00 (0%)
MLCF 37.10 Increased By ▲ 0.65 (1.78%)
NETSOL 102.80 Increased By ▲ 0.64 (0.63%)
PACE 4.68 Increased By ▲ 0.28 (6.36%)
PAEL 23.15 Decreased By ▼ -0.40 (-1.7%)
PIBTL 7.86 Increased By ▲ 0.16 (2.08%)
POWER 7.05 Increased By ▲ 0.29 (4.29%)
PRL 13.66 Decreased By ▼ -0.27 (-1.94%)
PTC 8.90 Decreased By ▼ -0.17 (-1.87%)
SILK 1.31 Decreased By ▼ -0.04 (-2.96%)
SNGP 41.70 Decreased By ▼ -0.10 (-0.24%)
TELE 16.99 Increased By ▲ 0.06 (0.35%)
TRG 87.75 Decreased By ▼ -2.76 (-3.05%)
UNITY 25.35 Increased By ▲ 0.05 (0.2%)
WTL 2.20 Increased By ▲ 0.05 (2.33%)
BR100 4,671 Increased By ▲ 6.15 (0.13%)
BR30 18,834 Increased By ▲ 159.86 (0.86%)
KSE100 45,369 Increased By ▲ 296.76 (0.66%)
KSE30 17,576 Increased By ▲ 146.24 (0.84%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,737
924hr
Pakistan Cases
1,285,254
41424hr
0.98% positivity
Sindh
475,820
Punjab
443,185
Balochistan
33,484
Islamabad
107,722
KPK
180,075
Markets

US stocks rise as markets await Fed decision

  • S&P 500 gained 0.4 percent to 4,373.19, while Nasdaq Composite Index added 0.2 percent at 14,775.83
22 Sep 2021

NEW YORK: Wall Street stocks bounced early Wednesday on receding worries over Chinese company Evergrande and ahead of a closely-watched Federal Reserve decision.

Embattled Chinese property titan Evergrande said it had agreed a deal with domestic bondholders that should allow it to avoid missing one of its interest payments, mollifying somewhat one major source of market angst this week.

Stocks fell sharply on Monday on worries over an Evergrande default and equities failed to hold on to early gains Tuesday.

About 15 minutes into trading on Wednesday, the Dow Jones Industrial Average was up 0.6 percent at 34,131.13.

The broad-based S&P 500 gained 0.4 percent to 4,373.19, while the tech-rich Nasdaq Composite Index added 0.2 percent at 14,775.83.

All eyes will be on the Fed at 1800 GMT when it updates the market on monetary policy plans. The central bank is not expected to announce an immediate tapering of bond purchases, but could provide details on the plans to start the process.

US stocks choppy ahead of Fed report

Briefing.com analyst Patrick O'Hare said the central bank could also project a quicker timeframe for rate hikes, which are currently not forecast until 2023.

Such a move "could serve as an excuse to resume selling interest even though the policy rate would still be remarkably low on any initial rate hike," O'Hare said.

The Fed slashed the benchmark lending rate to zero in March 2020 at the start of the Covid-19 pandemic.

Among individual stocks, FedEx plunged 8.0 percent as it cut its profit forecast due to higher labor costs and expenses tied to global supply chain upheaval.

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.