Stocks advanced slightly today as investors hold off on big
moves until the Fed releases its decision.
Today at 2 p.m., the Fed will release its policy decision and
predictions for economic growth. Half an hour later, Ben Bernanke
will deliver a press conference on the latest Federal Open Markets
Committee meeting. Today, we will find out whether the Fed will
tighten monetary policy, and by how much. Most economists expect to
see a small reduction in the Fed's monthly level of asset
purchases. A faster-than-expected pullback could, however, send
investors for the hills.
Stock futures were slightly higher this morning while Asian and
European indices posted gains. Before the opening bell,
(INDEXDJX:.DJI) futures were up 0.04% at 15,471. Futures contracts
(INDEXSP:.INX) gained 0.07% to 1,699.50 and
(INDEXNASDAQ:.IXIC) futures rose 0.24% to 3,191.75. Gold prices
fell 0.75% at $1,299.60/oz.
Housing starts fell slightly in August and missed expectations as
higher interest rates weighed on the housing market. The rate at
which homebuilders broke ground on new homes fell to an annualized
891,000, down from 896,000.
) shares rose 2.9% today after the company delivered
better-than-expected earnings. The world's largest air freight
carrier, a bellwether company for the world economy, reported
earnings of $1.53 per share, beating expectations by $0.03.
) rose 3.51% in the pre-market after the discount retailer said
that its board approved $2 billion in stock buybacks.
Adobe Systems Inc
) shares rose 5.3% this morning despite reporting that fiscal third
quarter profit fell to $0.32 from $0.58 a year ago. The upside was
that it is added subscription users. Adobe is transitioning from
selling software packages to allowing graphics professionals to use
its products in the cloud for a monthly fee. The number of Creative
Cloud users rose 331,000 to 1.03 million over the quarter.