Wall St. rows higher ahead of FOMC minutes later this week

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Wall St. rows higher ahead of FOMC minutes later this week

On Monday, the 18th of March 2019, Wall St. ended broadly higher, led by the gains of the bank and tech shares, while Boeing and Facebook, both still remained a setback, as investors were eyeing this week’s Federal Reserve meeting for a solid affirmation of a “patient” monetary policy.

During Monday’s market, Wall St. ended higher despite Dow’s dwindling amid a gridlock over Boeing Co. saga. Dow fell as much as 0.17 percent during late-morning US trading hours, while Boeing Co. again fell more than 1.5 percent, as the world’s largest aircraft maker had been facing steep scrutiny following a fatal crash in Ethiopia on March 10th, which closely resembled another Boeing aircraft crash of the same model offshore of Indonesia last October.

Federal Reserve’s two-day long meeting would begin on Tomorrow (March 19th), as investors had been anticipating that the US Central Bank would reinforce their downbeat approach towards another interest rate hike this year.

Ahead of another FOMC minute later this week, American Dollar index had again fallen on Monday, residing at 96.41, down by 0.11 percent. The Dow Jones Industrial Average closed the 0.25 percent higher to 25,914.11 and S&P 500 added 0.37 percent to 2,832.94, while Nasdaq Composite gained 0.34 percent to 7,714.48.

Citing any probability of a near-term outlook would turn down market momentum, a chief investment strategist at Inverness Counsel in New York, Tim Ghirskey said, “There’s always trepidation going into a Fed meeting.

Anything that gives visibility to the potential for future rate hikes is going to keep people on the sidelines”.