As the US earnings season winds down, the focus shifts to the annual meet of global central bankers at Jackson Hole, Wyoming, from Thursday, for clues on the health of the global economy and Yellen’s stand on raising rates.
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As the USA earnings season winds down, the focus shifts to Federal Reserve Chair Janet Yellen’s upcoming speech on Friday at Jackson Hole, Wyoming, for clues on when the central bank will raise rates.
Various officials, including Vice Chairman Stanley Fischer, have hinted that a rate hike in the coming months was possible.
“But, by no means will the Fed want to cut off the bait for the September or December meeting”.
The Dow Jones industrial average .DJI rose 23.7 points, or 0.13 percent, to 18,553.12, the S&P 500 .SPX gained 5.62 points, or 0.26 percent, to 2,188.26 and the Nasdaq Composite .IXIC added 18.65 points, or 0.36 percent, to 5,263.26.
Technology shares .SPLRCT , however, provided the biggest boost to the benchmark S&P index, as both Apple and Microsoft rose about 0.5 percent. “Considering that U.K. PMIs took a nosedive recently, investors will be watching the Eurozone PMIs carefully”, wrote Kathy Lien, managing director of FX strategy at BK Asset Management.The Australian dollar was up 0.1 percent at $0.7638, moving up on the coattails of the kiwi.
The S&P 500 Index rose after Best Buy Co., the nation’s largest electronics retailer, reported profit that beat analyst projections.
But drugmaker Mylan Pharmaceuticals sank 4.8 percent after United States legislators called for probes into the skyrocketing price of its near-monopoly EpiPen, which severe allergy sufferers use to counter extreme allergic reactions. Yields fall when bond prices rise.
J.M. Smucker dropped 8.3 percent after its quarterly revenue missed estimates.
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Data due Tuesday is expected to show new home sales fell 2 percent to a 580,000-unit pace in July compared with June.
