Wall Street ends higher as Fed holds key rate steady, focus turns to earnings
84% of the S&P 500 firms that have posted earnings beat consensus estimates, according to LSEG data
On Wednesday, US stock indices climbed higher as the Federal Reserve maintained its key interest rate, surpassing expectations. The central bank signaled a willingness to act on inflation, upgrading its assessment of the economy. Fed Chair Kevin Warsh noted the Fed's readiness to intervene, stating, "The Fed didn't throw any curveballs."
Analysts increased the probability of a 25-basis point rate hike at the December meeting to 87.4 percent, up from 78.3 percent on Tuesday. The upcoming data, including the Commerce Department's Personal Consumption Expenditures report and third-quarter GDP figures, will influence rate hike forecasts. Third-quarter earnings season is underway, with 84 percent of S&P 500 companies reporting results and beating consensus estimates.
Financial highlights include Micron Technology's surge following SK Hynix's more than sevenfold increase in quarterly profit and the Philadelphia Semiconductor index's fourth consecutive daily gain. US crude prices rose due to attacks on a Saudi Arabian refinery by Iran-backed Houthis, further exacerbating supply concerns.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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