Sat, 06 Jun 2020

Despite nervousness about Fed meeting, U.S. stocks gain

By Jay Jackson, Boston News.Net
19 Mar 2019, 07:15 GMT+10

NEW YORK, New York - U.S. stocks were stronger on Monday despite another sell-off in Boeing shares, and trepidation before the U.S. Federal Reserve's two-day regular monthly monetray police meeting which began on Tuesday.

"There's always trepidation going into a Fed meeting," Tim Ghriskey, chief investment strategist at Inverness Counsel in New York told the Reuters Thomson news agency Monday. "Anything that gives visibility to the potential for future rate hikes is going to keep people on the sidelines."

Boeing shares fell by 1.8% on Monday, taking the toll since the Ethiopian Airlines crash Sunday before last to 12.10%/

Regardless, the Dow Jones industrial index climbed 65.23 points or 0.25% to close Monday at 25,914.10.

The Standard and Poor's 500 added 10.46 points or 0.37% to 2,832.94.

The Nasdaq Composite gained 25.95 points or 0.34% to 7,714.48.

The U.S. dollar was nudged down, although the British pound eased further.

Around the close in New York on Monday the euro rose to 1.1341. The pound dipped to 1.3253.

The Japanese yen edged up to 111.42. The Swiss franc eased to 1.0008.

The Canadian dollar was a tad weaker at 1.335, while the Australian dollar was a fraction lower at 0.7105.

The New Zealand dollar at 0.6853 was largely unchanged.

Overseas, London's FTSE 100 rose 0.98%, while the German Dax slipped 0.25%. In Paris the CAC 40 firmed by 0.14%.

Stocks in Asia forged ahead on Monday .

The Nikkei 225 was ahead 133.65 points or 0.62% at 21,584.50 at the close on Monday. This despite a 1.2% decline in  exports for February, against expectations of 0.09%.

In Hong Kong, at the finish, the Hang Seng was up 396.75 points or 1.37% at 29,409.01.

China's Shanghai Composite, at the close of trading was ahead 74.67 points or 2.47% at 3,096.42.

The Australian All Ordinaries closed 18.50 points or 0.30% higher at 6,283.60.

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