Stocks edge higher as Fed decision looms – Fox Business

U.S. equity markets ticked higher Wednesday ahead of the Federal Reserve’s latest policy decision. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34252.49 -46.84 -0.14%
SP500 S&P 500 4244.95 -1.64 -0.04%
I:COMP NASDAQ COMPOSITE INDEX 14100.884449 +28.03 +0.20%

The Dow Jones Industrial Average rose 24 points, or 0.07%, while the S&P 500 and the Nasdaq Composite advanced 0.1% and 0.18%, respectively. 

The Federal Reserve will conclude its two-day meeting Wednesday. The central bank is not expected to make any policy changes, and instead, investors will be paying close attention to any hints to possibly altering its asset purchase program or interest rates in the future. 

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The decision, along with the Fed’s updated projections, will cross the wires at 2 p.m. ET with Chairman Jerome Powell’s press conference following shortly thereafter.   

Ahead of the Fed, investors will receive the latest update on the housing market as housing starts and building permits are set to be released at 8:30 a.m. ET. 

In stocks, big banks like JPMorgan Chase & Co. and Bank of America Corp. were in focus ahead of the Fed’s decision. 

Elsewhere, Oracle Corp. reported earnings and revenue that exceeded Wall Street estimates but gave disappointing guidance for the current quarter as it plans to boost investments in its cloud-computing business. 

General Motors Corp. will boost electric-vehicle spending by 30% to $35 billion through 2035, Reuters reports, citing people briefed on the matter.  

Meanwhile, Johnson & Johnson will likely miss its COVID-19 supply target for the European Union, an EU Commission spokesperson said.

Meal-kit maker Blue Apron Holdings Inc. will share more common stock. The size of the offering was undisclosed. 

In commodities, West Texas Intermediate crude oil ticked up 3 cents to $72.15 a barrel and gold rose $2.90 to $1,859.30 an ounce.

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Overseas markets were mixed. 

In Europe, Britain’s FTSE 100 edged up 0.1%, France’s CAC 40 rose 0.05% and Germany’s DAX slipped 0.19%. 

Asian markets were lower across the board with China’s Shanghai Composite declining 1.08%, Hong Kong’s Hang Seng index sliding 0.7% and Japan’s Nikkei 225 losing 0.51%.