Dow jumps 100 points to within 50 points of high

Stocks on Wall Street surged today, as the Fed began its latest monetary policy meeting.

Heading into the final hour of trading in New York, the Dow was up 102 points or 0.66% at 15,671. That is just 0.25% from its all-time highest level. The S&P 500, meanwhile, recorded a new intraday high of 1770.88.

The NASDAQ 100 has also risen, climbing 0.25%, despite a substantial fall in Apple following its latest quarterly report. Apple exceeded expectations with its earnings and revenue, but fell short with its gross margins.

The focus of tomorrow is likely to largely centre on the outcome of the latest two-day FOMC meeting. No change in the level of stimulus is expected, so the markets could move dramatically if we see any reduction (don’t hold your breath though).

There are significant economic indicators out tomorrow as well though, with the ADP employment report potentially offering some clues well in advance of the October non-farm payrolls (normally the non-farm payrolls are released on the first Friday of the month, just a couple of days after the ADP report, but this has been pushed back a week because of the effect of the shutdown). We also have September CPI data, which is expected to show a 0.2% month-on-month rise in inflation.

Earnings continue after the market tonight with LinkedIn and Yelp amongst the companies reporting, and we will hear from Visa, now the highest-weighted component in the Dow, tomorrow.

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