Stock market today: Wall Street ticks higher ahead of the Fed's decision on interest rates
The S&P 500 was up 0.5% in morning trading, though momentum slowed sharply from its surge a day before following Donald Trump’s presidential victory. The Dow Jones Industrial Average was up 30 points, or 0.1%, as of
They helped make up for bank stocks, which gave back some of their stellar gains from the day before. Other “Trump trades” that had rocketed higher after the election also lost some of their juice.
The stock that’s become most synonymous with the president-elect,
In the bond market, the yield on the 10-year
The market’s main event for the day, though, is coming later in the afternoon. Wall Street’s nearly consensus expectation is that the Fed will cut its main interest rate for a second straight time. The central bank began its rate-cutting campaign in September as it focuses more on keeping the job market humming after helping get inflation nearly down to its 2% target.
A report on Thursday showed slightly more
Trump’s victory may also complicate things for the Fed, and investors are waiting to hear if Chair
Trump is pushing for tariffs and other policies that economists say would drive inflation higher, along with the economy’s growth. Traders have already begun paring forecasts for how many cuts to interest rates the Fed will deliver next year because of that. Expectations for such cuts have been a major reason the S&P 500 has set dozens of records already this year.
On
In stock markets abroad, London’s
In
“I think everybody’s going to be worried about Trump’s tariffs because that’s one of the things in his playbook. And so we’ll have to see how things develop in the early stages of his presidency this time,” said
Stocks rallied 2% in
Trump has promised to slap blanket 60% tariffs on all Chinese imports, raising them still more if
But the impact may be less drastic than feared,
“We expect shipments to stay strong in the coming months –- any drag from potential Trump tariffs may not materialize until the second half of next year,” Huang said.
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AP Business Writers
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