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US markets inch higher as Fed stands pat






Apple rallies on better than expected sales

US stock indexes edged higher on Wednesday after the Federal Reserve left interest rates unchanged and shares of Apple rallied a day after the iPhone maker reported better than expected earnings. The dollar ended higher: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed up 0.18% at 99.737. The S&P 500 gained 0.35 points settling at 2279.22. Apple’s 6.1% advance propped the broad market index offsetting losses in seven of the S&P 500’s eleven primary sectors. The Dow Jones industrial gained 0.1% to close at 19890.94. The Nasdaq index rose 0.5% to 5642.64.



European stocks rise on positive corporate reports

European stocks rallied on Wednesday on better-than-expected earnings reports. The euro pulled back giving back part of previous day’s gains spurred by the comment from Peter Navarro, head of the new US National Trade Council, that euro was “grossly undervalued”. The Stoxx Europe 600 climbed 0.9%. Germany’s DAX 30 outperformed rising 1.1% to 11659.50. France’s CAC 40 gained 1% and UK’s FTSE 100 index edged up 0.1% to 7107.65.



Asian markets down on weaker dollar

Asian stocks are down today as dollar slide resumed with the Federal Reserve statement providing no indication when the central bank will move to hike rates this year. Nikkei fell 1.2% to more than one-week low on stronger yen. Markets in mainland China are closed for the Lunar New Year. Hong Kong’s Hang Seng index is 0.7% lower. The Australian dollar jumped against the dollar after the record high 3.5 billion Australian dollars (US$2.7 billion) trade surplus in December beat expectations of a A$2.2 billion surplus. Australia’s All Ordinaries Index slipped 0.13%.



Oil prices slide on surprisingly sharp US inventory build

Oil future prices prices are pulling back today after official data showed US crude and gasoline stockpiles rose sharply last week. US crude stocks grew by an unexpected 6.5 million barrels to 494.76 million barrels, the Energy Information Administration reported yesterday, fourth weekly rise in a row, with gasoline stocks climbing by 3.9 million barrels. April Brent crude closed 2.2% higher to $56.80 a barrel on Wednesday on London’s ICE Futures exchange after EIA reported lower US crude output.

IFC Markets Review

Thursday, 02 Feb, 2017 / 10:28

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Source : http://www.ifcmarkets.com/en/market-overview/us-markets-inch-higher-as-fed-stands-pat?utm_source=financemagnates

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