Investing.com - " U.S. stocks finished Monday mixed as investors
avoided equities ahead of the Federal Reserve's Wednesday
announcement on monetary policy, while spotty quarterly earnings
and economic indicators also kept market participants on the
At the close of U.S. trading, the Dow Jones Industrial Average
finished down 0.01%, the S&P 500 index rose 0.13%, while the
Nasdaq Composite index fell 0.08%.
The Federal Reserve will announce its latest decision on monetary
policy and interest rates on Wednesday, and while many investors
are expecting the U.S. central bank to leave its USD85 billion
monthly asset-purchasing program unchanged, most remained out of
equities markets to await the announcement and accompanying
Monthly asset purchases aim to drive recovery by pushing down
interest rates, boosting stock prices in the process.
Data released earlier failed to act as a clearly visible market
The Federal Reserve reported earlier that U.S. industrial
production rose by a 0.6% in September, above expectations for a
0.4% rise and the fastest increase in seven months.
Elsewhere, industry data revealed that U.S. pending home sales fell
5.6% last month, down for the fourth consecutive month and well
below market calls for a gain of 0.1%.
Meanwhile on the earnings front, Merck reported profits that beat
market expectations, however, revenue missed market consensus,
though JCPenney stocks brought up retailers in general after the
company issued a bullish sales forecast.
Leading Dow Jones Industrial Average performers included Procter
& Gamble, up 1.67%, Coca-Cola, up 1.50%, and Wal-Mart Stores,
The Dow Jones Industrial Average's worst performers included Merck,
down 2.53%, United Technologies, down 1.40%, and UnitedHealth, down
European indices, meanwhile, finished largely lower.
After the close of European trade, the EURO STOXX 50 fell 0.35%,
France's CAC 40 fell 0.48%, while Germany's DAX 30 fell 0.08%.
Meanwhile, in the U.K. the FTSE 100 finished up 0.07%.
On Tuesday, the U.S. is to produce data on retail sales as well as
its producer price index and a report on consumer confidence.
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