U.S. equities finished in positive territory with the Dow gaining more than 109 points, as better than expected manufacturing and housing data lifted sentiment ahead of this week's FOMC meeting. Energy and Technology led stocks higher, while Telecom was the only major sector that traded in the red. Gold is lower, and Crude Oil is relatively unchanged.
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Ahead of the Bell: Dow futures are trading up 127 points and S&P futures are trading up 11 points. The Federal Reserve will be in focus today, as the central bank begins its two-day FOMC meeting on Tuesday. Equity markets seem to be putting aside last week’s choppy trading and settling for a more cautious approach that the Fed will slowly wind down its stimulus program. Euro zone exports rose in April while imports fell, giving the region a trade surplus. German wages also increased at the fastest pace in about four years.
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Ahead of the Bell: Dow futures are trading down 30 points and S&P futures are trading down 4 points. Global shares sold off on weak Chinese economic data, as Japan enters a bear market. The World Bank cut its growth forecast on concerns major central banks are about to announce a pullback in stimulus.
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U.S. stocks finished lower amid choppy trade after Federal Reserve Chairman Ben Bernanke said the central bank needed to see further signs of traction in the economy before it cut back its economic stimulus efforts. All major sectors erased earlier gains with the Dow experiencing a 234 point reversal from its intraday high. Utilities, Energy, and Materials led markets lower, while Healthcare and Staples fared the best. Gold and Crude Oil are lower.
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Ahead of the Bell: Dow futures are trading up 20 points and S&P futures are trading down 3 points on expectations that Chairman Ben Bernanke, who is scheduled to speak today, will signal no tapering back to its accommodative monetary policy.
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