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US stocks climb at opening ahead of Fed decision

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Posted at 2016-9-23 13:10:35 | All floors |Read mode
Major US benchmark equity indices posted opening gains on Wednesday ahead of the key Federal Reserve monetary policy decision later during the day.
The Dow Jones Industrial Average was up 80 points to 18,210, while the broader S&P 500 index added 10 points to 2,150 and tech heavy Nasdaq composite advanced 28 points to 5,270.
Upbeat sentiment around crude oil prices (back around $45.00/barrel mark) contributed to the prevalent risk-on sentiment and drove US stocks higher in tandem with gains recorded in European markets. The BOJ twisted its monetary policy framework and would now be focusing on maintaining interest-rate for 10-year government bond yields near zero boosted investor sentiment across the board and sparked gains across global markets.
However, the big risk to the ongoing rally would be Fed's monetary policy outlook. The central bank is widely expected to leave interest rates unchanged and hence, focus would be on the FOMC economic projections and the accompanying policy statement. A hawkish commentary would increase odds for a December Fed rate-hike move and could weigh heavily on riskier assets - like equities.
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