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Wall Street opens higher ahead of Fed statement

Wednesday, September 16, 2020 | The Associated Press


A currency trader stands near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Wednesday, Sept. 16, 2020. Shares were mostly higher in Asia on Wednesday after advances for big technology companies carried Wall Street to further gains overnight. (AP Photo/Lee Jin-man)

NEW YORK (AP) — Stocks on Wall Street are opening higher Wednesday ahead of a Federal Reserve policy announcement. The S&P 500 is up 0.4%, led by Kate Spade owner Tapestry. Package delivery giant FedEx is also up on a strong quarterly earnings report. The Fed is not expected to change its monetary policy, but investors are watching for clues on the outlook for the economy and interest rates. Japan’s central bank has begun a policy meeting that will wrap up Thursday but also is not expected to result in any major changes. Meanwhile, the price of crude oil is edging up.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story appears below.

World markets were trading in narrow ranges on Wednesday ahead of the Federal Reserve’s policy announcement, which investors will be monitoring for details on the central bank's outlook.

The Fed is expected to keep the benchmark rate at nearly zero for some time to help the economy recover from the pandemic downturn. Its statement might change some of the language around its existing pledge to buy bonds to support markets, economists say.

Japan’s central bank has begun a policy meeting that will wrap up Thursday but also is not expected to result in any major changes.

The futures for the Down and the S&P 500 were up 0.4% and 0.5% ahead of the market open. In Europe, Germany's DAX was flat at 13,221 while the CAC 40 in France was also unchanged, at 5,067. The FTSE 100 in Britain edged 0.2% lower to 6,094.

Japan reported that its trade balance swung into surplus in August as a 15% decline in exports from a year earlier was outpaced by a 21% drop in imports. Exports have been hammered by the coronavirus pandemic but the rate of decline has been narrowing over the past several months as shutdowns eased and the Chinese economy began to recover from a sharp downturn in early spring.

Japan's long-serving prime minister, Shinzo Abe, resigned as of Wednesday and was replaced by his chief cabinet secretary, Yoshihide Suga. Suga has said he intends to push ahead with Abe's policies and little change is expected for the world's third-largest economy.

Tokyo's Nikkei 225 edged 0.1% higher to 23,475.53 while the Hang Seng in Hong Kong was almost unchanged at 24,725.63. South Korea's Kospi gave up 0.3% to 2,435.92 and the S&P/ASX 200 in Sydney jumped 1% to 5,956.10. The Shanghai Composite index slipped 0.4% to 3,283.92.

India's Sensex edged 0.4% higher to 39,182.12 even as the number of the country's confirmed coronavirus cases jumped to nearly 5 million, second only to the U.S. case count of 6.6 million, according to a tally by Johns Hopkins University. The actual number of cases is thought to be much higher.

On Tuesday, the S&P 500 rose 0.5% to 3,401.20 after gaining more than 1% earlier in the session, its second straight sizable gain following the benchmark' index's worst week since June.

Big Tech stocks have been bouncing back this week after suddenly losing altitude earlier this month amid worries that their prices had climbed too high.

Analysts expect more volatility for stocks in the months ahead as the market navigates uncertainty over the outcome of the election, pessimism that Democrats and Republicans in Washington will be able to reach a deal to send more aid to unemployed workers and an economy still struggling amid the pandemic.

In other trading, U.S. benchmark crude oil rose 87 cents to $39.15 per barrel in electronic trading on the New York Mercantile Exchange. It surged $1.02 on Tuesday to $38.28 per barrel.

Brent crude, the international standard, picked up 88 cents to $41.41 per barrel.

The dollar fell to 105.13 Japanese yen from 105.43 yen late Tuesday. The euro climbed to $1.1866 from $1.1848.

Companies Mentioned in This Article

CompanyBeat the Market™ RankCurrent PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
FedEx (FDX)1.7$251.52-0.8%1.03%51.44Buy$271.39
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7 Stocks to Own For the Next Decade

According to Blackrock (NYSE:BLK) analysts, investors who are looking for growth as the economy begins to recover need to be in stocks. In fact, many investors are breathing a sigh of relief for not panicking when the market sold off in February and March.

But while a Black Swan event like the Covid-19 pandemic can teach investors short-term lessons, the trick to buy-and-hold investing is identifying companies that give you the confidence to invest for not just 10 weeks, but 10 years.

For many investors this means identifying key trends. Prior to the pandemic, trends were emerging. Those trends, such as e-commerce, financial technology, digital healthcare, are quickly becoming part of our “new normal.” Think about it. Cash is now literally “dirty money”. E-commerce is not just convenient, it’s essential. And we’ve figured out that the patient-doctor relationship can take place via videochat.

And all of this feeds into other trends, which includes the idea that our smartphones are only going to become more powerful, and more important. But the next 10 years are not destined to be the decade of stealth small-caps. Many of the companies that are well positioned for the next decade will be familiar to most investors.

Here are 7 companies that are going to become increasingly relevant over the next decade. When you buy them now, you’ll be thanking yourself when the calendar turns to 2030.

View the "7 Stocks to Own For the Next Decade".

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