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CLOSING UPDATE: Stocks End Cautiously Higher As FOMC Meeting Commences

Posted
9/17/2013 4:11:00 PM
By: MT Newswires
Referenced Stocks:BA;FB;MSFT

Stocks closed on the plus side for the third straight day even though the FOMC is expected to ease up on the accelerator after the conclusion of its policy meeting. Led by strength in Microsoft ( MSFT ), Boeing ( BA ) and Facebook ( FB ), the equity markets shrugged off any selling pressure tied to FOMC-jitters, focusing instead on the likelihood that the FOMC will probably reduce asset purchases by a less expected $5-$10 billion, not enough to cause interest rates to rise significantly. As the bullish tone was extended another day, the S&P 500 continued to flirt with the all-time high of 1,709.67, hitting an intra-day high of 1,705.52.

US MARKETS

Dow Jones Industrial Index up 34.95 (+0.23%) to 15,529.73

S&P 500 was up 7.16 (+0.42%) to 1,704.76

Nasdaq Composite Index was up 27.85 (+0.75%) to 3,745.70

GLOBAL SENTIMENT

FTSE 100 was down 0.80%

Nikkei 225 was down 0.65%

Hang Seng Index was down 0.31%

Shanghai China Composite Index was down 2.05%

UPSIDE MOVERS

CHS, Upgraded by Key Bank to Buy from Hold.

SWY, The grocery chain said it's adopting a poison pill with 10% trigger after noting an "accumulation of a significant amount of (its) common stock."

ARO, Sycamore Partners acquired a 7.96% stake in the teen apparel retailer

DOWNSIDE MOVERS

OUTR, Cuts Q3 and FY guidance as Redbox rentals failed to meet expectations

BERY, Lowered Q4 guidance due to increased costs, lower volumes and increased competition

COTY, The company reported improved Q4 earnings but expects net revenue for Q1 to "marginally decline" due to slowdown in market growth in the U.S. and Europe.