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How Did the Stock Market Do Today?
S&P 500: 1,978.09; +25.06; +1.28%
Nasdaq: 4,860.52; +54.76; +1.14%
The Dow Jones today surged more than 228 points ahead of this week's Federal Open Market Committee (FOMC) meeting. The price of gold today remained flat – down just 0.3% – as investors take a wait-and-see approach to this critical meeting on monetary policy. Markets seemed unaffected by weaker than expected monthly retail sales or a decline in industrial output during August
Here's a breakdown of what to expect from the central bank's two-day assembly on Wednesday and Thursday (Sept. 16-17).
Top Stock Market News Today
- Stock Market News: All 10 S&P 500 sectors were in positive territory as investors took a cautious but optimistic approach that the Federal Reserve will not raise interest rates in the coming days. Industrial stocks surged this afternoon, adding 1.3%. Today's most active gainers in that sector were United Parcel Service Inc. (NYSE: UPS), Boeing Co. (NYSE: BA), and General Electric Co. (NYSE: GE).
- Oil Prices Rise: Oil prices were on the rise today as President Barrack Obama stated the administration's opposition to a plan by the U.S. House of Representatives to repeal a 40-year-old crude export ban. The plan would have likely brought U.S. crude prices toward parity on the global oil markets. Today, WTI prices added 1.5% to reach $44.65. Meanwhile, Brent oil prices added 0.5% to hit $46.60 per barrel. Traders will have their eyes on tomorrow's report on U.S. oil inventory levels. This morning, energy market intelligence company Genscape predicted that U.S. crude stocks slipped by 1.8 million barrels last week. Any decline on inventories will likely fuel a rise in prices.
- On Tap Wednesday: Tomorrow, the Fed Open Market Committee kicks off its two-day meeting to discuss monetary policy. In addition, investors will keep an eye on the monthly consumer price index, the housing market index, and the EIA Petroleum Status Report. Companies reporting earnings include Oracle Corp. (NYSE: ORCL), FedEx Corp. (NYSE: FDX), Cracker Barrel Old Country Store Inc. (Nasdaq: CBRL), and Ascena Retail Group Inc. (NYSE: ASNA).