Wall Street higher but Apple loses ground after event
By Caroline Valetkevitch (Reuters) - U.S. stocks rose on Tuesday as investors hoped the Federal Reserve would stick with its supportive policy stance as the central bank's two-day meeting got underway.
By Caroline Valetkevitch
(Reuters) - U.S. stocks rose on Tuesday as investors hoped the Federal Reserve would stick with its supportive policy stance as the central bank's two-day meeting got underway.
The market's rise was limited as Apple Inc's
The S&P 500 technology index <.SPLRCT> was still up 1% and the Nasdaq outperformed the other two major indexes, extending its recovery from a brutal sell-off earlier this month that had halted a Wall Street rally.
"The pullback we had is now behind us" probably, said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
"While the economy is slowing, the upcoming macro news should be friendly, which should indicate the Fed will have no change in terms of policy," he said.
In its first policy meeting since Fed Chair Jerome Powell announced a more accommodative stance on inflation, the central bank could switch its Treasury purchases toward more long-dated debt to keep long-term yields low, some strategists said.
Data on Tuesday showed U.S. factory output increased strongly in August. Separately, U.S. import prices increased more than expected for the same month, supporting the view that inflation pressures were building up.
The Dow Jones Industrial Average <.DJI> rose 82.51 points, or 0.29%, to 28,075.84, the S&P 500 <.SPX> gained 24.6 points, or 0.73%, to 3,408.14 and the Nasdaq Composite <.IXIC> added 153.85 points, or 1.39%, to 11,210.50.
Earlier in the day data showed China's industrial output accelerated the most in eight months in August.
JPMorgan Chase & Co
Advancing issues outnumbered declining ones on the NYSE by a 1.92-to-1 ratio; on Nasdaq, a 1.72-to-1 ratio favored advancers.
The S&P 500 posted 21 new 52-week highs and no new lows; the Nasdaq Composite recorded 63 new highs and 15 new lows.
(Additional reporting by Medha Singh and Devik Jain in Bengaluru; Editing by Shounak Dasgupta and David Gregorio)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes
The Pulitzer prize winner, who was in Kandahar covering operations against Taliban, was killed when he was riding along with the Afghan Special Forces
Siddiqui had also covered the 2020 Delhi riots, COVID-19 pandemic, Nepal earthquake in 2015 and the protests in Hong Kong
Danish's photographs were not just documentation, but the work of someone who went down to eye-level, as they say in photographic parlance.