US stocks witness moderate strength ahead of Fed

By FXStreet FXStreet (Mumbai) – The stock markets in the US are trading marginally higher as prices find gains hard to come due to the losses in the commodity prices and due to increasing odds of Fed liftoff.

At the time of writing, the Dow Jones Industrial Average (DJIA) was up just 0.20% or 35 points. The S&P 500 was up 0.30% or 6 points, while the Nasdaq was up 0.45%.

Shares in Pfizer fell 2.45% after announcing it will buy Allergan for about USD 160 billion in the biggest deal ever in the health sector. Shares in IBM and JP Morgan were down 0.30% each. Meanwhile, Shares in Home Depot rose 1.5%.

Investors turned a blind eye towards weaker-than-expected US data – Chicago national Fed activity index, manufacturing PMI and existing home sales. However, the upside appears capped ahead of the Fed’s closed meeting convened today in order to decide on the discount rates.
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Source:: FX Street