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U.S. stocks rise slightly amid Fed meeting, economic data

NEW YORK
2019-09-18 04:54

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NEW YORK, Sept. 17 (Xinhua) -- U.S. stocks finished with modest gains on Tuesday amid the Federal Reserve's key monetary policy meeting and a slew of economic data.

The Dow Jones Industrial Average increased 33.98 points, or 0.13 percent, to 27,110.80. The S&P 500 rose 7.74 points, or 0.26 percent, to 3,005.70. The Nasdaq Composite Index was up 32.47 points, or 0.40 percent, to 8,186.02.

Nine of the 11 primary S&P 500 sectors closed higher, with real estate and utilities up 1.4 percent and 0.89 percent, respectively, leading the gainers. Energy fell 1.52 percent, the worst-performing group.

The Fed's September monetary policy meeting kicked off on Tuesday and the central bank is expected to announce its latest decision on interest rate Wednesday afternoon. Markets are betting high on further rate-cut moves.

"The rate cuts we expect in the fourth quarter reflect our conviction that employment will continue to slow, consumption will also fade and global crosscurrents will continue," Chris Low, chief economist at FTN Financial, said in a note.

On the economic front, U.S. industrial production rose 0.6 percent in August after declining 0.1 percent in July, the Federal Reserve reported Tuesday.

Wall Street had expected a 0.4 percent increase, according to a MarketWatch survey.
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