U.S. stocks erased earlier losses and ended Tuesday higher on hopes the
Federal Reserve will announce on Wednesday it will make no changes to
extraordinarily loose monetary policies, which push up stock prices as a
side effect.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.14%, the S&P 500 index rose 0.25%, while the Nasdaq Composite index rose 0.66%.
The Fed will conclude a two-day monetary policy meeting on Wednesday and hopes the U.S. central bank will keep interest rates near zero and make no changes to its stimulus measures, including a monthly USD85 billion bond-buying program, gave stocks room to erase earlier losses and finish April higher.
Better-than-expected housing and consumer confidence data boosted spirits as well.
The S&P/Case-Shiller U.S. home price index rose at 9.3% in February from a year earlier, above expectations for a 9.0% increase.
Separately, the Conference Board said its index of U.S. consumer confidence rose to 68.1 in April from 61.9 in March, far above expectations for a reading of 60.8.
Manufacturing data, however, capped gains.
The Chicago purchasing managers’ index dropped 49.0 from 52.4 in March, confounding expectations for a reading of 52.5.
Leading Dow Jones Industrial Average performers included IBM, up 1.70%, Microsoft, up 1.44%, and American Express, up 1.12%.
The Dow Jones Industrial Average's worst performers included Pfizer, down 4.50%, Merck, down 1.69%, and Procter & Gamble, down 1.21%.
European indices, meanwhile, finished largely lower.
After the close of European trade, the EURO STOXX 50 fell 0.20%, France's CAC 40 fell 0.31%, while Germany's DAX 30 finished up 0.51%. Meanwhile, in the U.K. the FTSE 100 finished down 0.43%.
On Wednesday, all eyes will focus on the Federal Reserve.
Elsewhere, the ADP nonfarm payrolls report on private-sector job creation as well as government data on crude oil stockpiles will hit the wire.
In addition, the Institute of Supply Management is release data on U.S. manufacturing activity.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.14%, the S&P 500 index rose 0.25%, while the Nasdaq Composite index rose 0.66%.
The Fed will conclude a two-day monetary policy meeting on Wednesday and hopes the U.S. central bank will keep interest rates near zero and make no changes to its stimulus measures, including a monthly USD85 billion bond-buying program, gave stocks room to erase earlier losses and finish April higher.
Better-than-expected housing and consumer confidence data boosted spirits as well.
The S&P/Case-Shiller U.S. home price index rose at 9.3% in February from a year earlier, above expectations for a 9.0% increase.
Separately, the Conference Board said its index of U.S. consumer confidence rose to 68.1 in April from 61.9 in March, far above expectations for a reading of 60.8.
Manufacturing data, however, capped gains.
The Chicago purchasing managers’ index dropped 49.0 from 52.4 in March, confounding expectations for a reading of 52.5.
Leading Dow Jones Industrial Average performers included IBM, up 1.70%, Microsoft, up 1.44%, and American Express, up 1.12%.
The Dow Jones Industrial Average's worst performers included Pfizer, down 4.50%, Merck, down 1.69%, and Procter & Gamble, down 1.21%.
European indices, meanwhile, finished largely lower.
After the close of European trade, the EURO STOXX 50 fell 0.20%, France's CAC 40 fell 0.31%, while Germany's DAX 30 finished up 0.51%. Meanwhile, in the U.K. the FTSE 100 finished down 0.43%.
On Wednesday, all eyes will focus on the Federal Reserve.
Elsewhere, the ADP nonfarm payrolls report on private-sector job creation as well as government data on crude oil stockpiles will hit the wire.
In addition, the Institute of Supply Management is release data on U.S. manufacturing activity.
