- The major Wall Street indices are trading in positive territory on Wednesday.
- Energy stocks rise on rising crude prices.
- Focus shifts to FOMC Policy Announcements, Summary of Economic Projections.
The main US stock indices., which did not close in positive territory on Tuesday, opened modestly higher on Wednesday ahead of highly anticipated monetary policy announcements from the US Federal Reserve. At time of writing, the S&P 500 was up 0.4% on the day. At 4,371, the Dow Jones Industrial Average gained 0.48% to 34,083 and the Nasdaq Composite was up 0.2% at 14,777.
Among the top 11 sectors of the S&P 500, the Energy Index is increasing by 2.5% supported by a 1.2% increase seen in US crude oil prices. On the other hand, the Healthcare Index is the most declined after the opening bell, losing 0.25%.
The FOMC is expected to leave the policy rate unchanged. However, the updated Economic Projections Summary will provide new insights on inflation and rate outlooks. An aggressive tone could force the major Wall Street indices to lose traction, while a subdued outlook is likely to allow stocks to continue to find demand.
S&P 500 chart (daily)
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