Stocks opened higher on Wednesday, buoyed by expectations of another Federal Reserve interest-rate cut, while a flood of quarterly corporate results continued to come in mixed, but better than some analysts had feared.
The Dow Jones Industrial Average opened 1 point higher, at 27,072, but immediately began flickering between gains and losses, while the S&P 500 opened half a point higher, less than 0.1%, at 3,037.39 . The Nasdaq started trading nearly 6 points higher, at 8,282.67, a 0.1% gain.
The Federal Reserve will be in the spotlight Wednesday. Policy makers are widely, but not universally, expected to lower the fed-funds rate by a quarter percentage point, the third cut this year. The key question is the signals the central bank and Chairman Jerome Powell will send regarding prospects for additional cuts. Traders have scaled back bets for further reductions later this year and in 2020.
Source : MarketWatch