US stocks slightly higher ahead of Fed meeting
NEW YORK — US stocks inched higher in the first half hour of trading Tuesday after losses in technology and small-company stocks a day earlier. Investors are keeping an eye on a two-day Federal Reserve meeting that starts Tuesday.
KEEPING SCORE: The Standard & Poor’s 500 index rose two points, or 0.1 percent, to 1,986 as of 9:55 a.m. Eastern time. The Dow Jones industrial average rose two points, or less than 0.1 percent, to 17,033. The Nasdaq composite rose five points, or 0.1 percent, to 4,523.
FED WATCH: Fed policy makers start a two-day meeting on Tuesday that many investors expect will bring it closer to raising its key interest rate as the economy strengthens. The Fed has held the rate close to zero for more than five years, and stocks have surged against that backdrop.
SCOTLAND’S CHOICE: Investors are awaiting results from Thursday’s referendum on Scottish independence. The British pound has turned volatile in recent weeks as opinion polls narrowed ahead of the vote. A yes decision could prompt renewed jitters in the markets as investors ponder the economic and financial fallout. The pound was down 0.3 percent Tuesday at $1.6184.
EUROPEAN MARKETS: In Europe, Germany’s DAX fell 0.5 percent to 9,615 and France’s CAC-40 declined 0.6 percent to 4,403. Britain’s FTSE 100 shed 0.4 percent to 6,774.
THE QUOTE: “Uncertainty surrounding the Scottish referendum and the Fed decision is really weighing on investor sentiment,” said Craig Erlam, market analyst at Alpari.
ASIA’S DAY: Tokyo’s Nikkei 225 slipped 0.2 percent to 15,911 while South Korea’s Kospi gained 0.3 percent to 2,042. Hong Kong’s Hang Seng index fell 0.9 percent to 24,136 after a trading session abbreviated by a morning typhoon warning.
CURRENCIES/OIL: The euro was steady at $1.29 while the dollar was more or less flat at 107.16 yen. Benchmark U.S. crude was up 51 cents to $93.43 in electronic trading on the New York Mercantile Exchange.
