US stocks drift higher; S&P 500 gets closer to record high

Combined Shape

TOKYO (AP) — Asian shares were mixed in muted trading Tuesday as investors awaited the U.S. Federal Reserve meeting later in the week.

Japan’s benchmark Nikkei 225 lost 0.3 percent to 21,528.23 in early trading. Australia’s S&P/ASX 200 edged down 0.1 percent to 6,182.10. South Korea’s Kospi inched down less than 0.1 percent to 2,178.91. Hong Kong’s Hang Seng rose nearly 0.1 percent to 29,429.99, while the Shanghai Composite gained 0.3 percent to 3,104.89.

U.S. stock indexes finished modestly higher Monday, extending the market’s solid gains from a rally last week.

The S&P 500 gained 10.46 points, or 0.4 percent, to 2,832.94. The benchmark index is now up 13 percent for 2019 so far, which is a bigger gain than it’s had in four of the last five full years. The Dow Jones Industrial Average rose 65.23 points, or 0.3 percent, to 25,914.10.

The Nasdaq composite added 25.95 points, or 0.3 percent, to 7,714.48. The Russell 2000 index of smaller-company stocks picked up 10.39 points, or 0.7 percent, to 1,563.93.

Trending:
Trump Launches New Website to Replace Deleted Social Accounts, Mobilizes Fans to Retake Twitter

On market players’ mind is the Federal Reserve meeting later in the week, and speculation it may slow its pace of increases for interest rates. The worry in December was that the central bank would raise rates too fast in the face of a slowing global economy and choke off growth. The Fed will meet to discuss interest-rate policy this week, with an announcement scheduled for Wednesday, but economists expect it to announce no change to rates.

Some economists say the Fed could release documents Wednesday that would suggest one rate increase in 2019, or possibly zero, after the Fed raised rates four times in 2018 and three times in 2017.

ENERGY: Benchmark U.S. crude oil slipped 3 cents to $59.06 a barrel. It rose 1 percent to $59.09 a barrel Tuesday. Brent crude gained 1 cent to $67.55 a barrel.

CURRENCIES: The dollar fell to 111.21 yen from 111.56 yen Monday. The euro strengthened to $1.1341 from $1.1335.

___

AP Business Writers Stan Choe and Alex Vega contributed to this report.

Yuri Kageyama is on Twitter at https://twitter.com/yurikageyama

On Instagram at https://www.instagram.com/yurikageyama/?hl=en

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →






We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation