Wall Street Opens Higher Ahead of Fed Announcement

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Federal Reserve Building
US Federal Reserve

Apple Inc. (NASDAQ: AAPL) helped push stocks ahead as shares jumped following its earnings report. The company surpassed analyst estimates, which sent share prices up 1.9%. Apple also forecasted record sales for the holiday season.

For the first time in four days, energy companies climbed higher. Starwood Hotels and Resorts Worldwide Inc. (NYSE: HOT) rose 11% following a report that the company is in talks to be purchased by Hyatt Hotels Corp. (NYSE: H).

Akamai Technologies Inc.’s (NASDAQ: AKAM) Outlook disappointed, which sent the stock down 20%. Twitter Inc. (NYSE: TWTR) also dropped 8.2% after forecasting lower sales growth.

After seeing two days of declines, the S&P 500 index was up 0.4% to reach 2074.27. The NASDAQ was up 0.2%, while the Dow Jones climbed 0.4%.

Although investors are betting that the Fed will not raise rates today, they’re looking for indications of the Fed’s assessment of the health of the economy and a timeline for when rates may be raised. With home sales weaker than expected, consumer confidence down, and uneven data, it’s unlikely that the Federal Reserve will raise interest rates this year.

 

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