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Wall St closes higher; Apple earnings eyed

Investing.com -

Investing.com - U.S. stocks closed mostly higher on Tuesday, as investors piled into U.S. equities for a second straight day, as the two-day Federal Reserve meeting kicked off while shares of Apple surged to highs as investors awaited a quarterly earnings report.

All three major indexes closed in positive territory but the Nasdaq surged to an all-time high for a second straight day, led by a rally in shares of Apple, as investors anticipated a bullish quarterly earnings report from the tech giant.

Meanwhile, uncertainty regarding the tone of the Federal Reserve statement, due to be released on Wednesday, alongside an interest rate decision, appeared to have little impact on investors' appetite for risker assets.

The U.S. central bank is widely expected to keep rates unchanged but investors are likely to parse through the Federal Reserve's statement for clues of a change in outlook concerning future interest rate hikes.

According to investing.com's Fed rate monitor tool, just 4.8% of traders expect the Federal Reserve to hike interest rates on Wednesday.

The Federal Reserve has previously maintained its view that three total rate hikes in 2017 would be appropriate to avoid a situation of the economy overheating.

Meanwhile, in economic news, U.S. automakers released bearish April sales numbers, as both General Motors Company (NYSE:GM) and Forward Industries Inc (NASDAQ:FORD) announced sales fell more than expected.

In corporate earnings news, Apple is expected to report fiscal second quarter earnings per share of $2.01 on revenues of $52.6 billion.

The Dow Jones Industrial Average closed 0.17% higher at 20,949. The S&P 500 closed flat and the Nasdaq Composite closed at 6095.37, up 0.06%.

The 'Bulls and Bears' on Wall Street

The top Dow gainers included; Intel Corporation (NASDAQ:INTC) up 1.8%, and Visa Inc (NYSE:V) up 1.4%, while 3M Company (NYSE:MMM) added 0.9%.

Procter & Gamble Company (NYSE:PG) down 1%, The Travelers Companies Inc (NYSE:TRV) down 0.7% and JPMorgan Chase & Co (NYSE:JPM) down 0.6%, were among the worst Dow performers of the session.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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