CNBC reported that Sept. 15, 2016, was a satisfying day for the market as US stocks traded higher ahead of the Federal Reserve meeting. The Dow Jones Industrial Average (DJIA) and Nasdaq recorded impressive gains in early morning trade, owing to Apple’s stock, which increased by almost 3 percent during the day, and 11 percent over the entire week. This made the Cupertino’s stock a major and significant contributor to the impressive performance.
Even the Standard & Poor’s 500 (S&P 500) registered modest growth. While the Dow increased by almost 150 points to close at 18,180, registering a 0.81 percent growth. The Nasdaq Composite increased by 59 points to close at 5,233, which corresponds with a 1.16% growth. Similarly, S&P 500 advanced by a modest 18 points or 0.8 percent to close at 2,143.
Industry analysts labeled the current gains in the markets as highly volatile, attributed largely to the upcoming two-day meeting of Fed’s policymaking committee monetary policy. According to Brent Schute, chief investment strategist at Northwestern Mutual Wealth Management, the current trend in the markets is here to stay and is a normal phenomenon whenever the Fed is at a crucial turning point. This trend is also likely to see an increase in the short-term, hence, advising the investors to be exercise caution and be mentally prepared for it.
Written by Bashar Saajid
Edited by Cathy Milne
CNBC: Dow up 150 points, Nasdaq up 1%; tech leads
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