Reuters :
Wall Street opened slightly higher on Friday, keeping the S&P 500 on track for its best week this year, as investors bet the Federal Reserve would not move interest rates off near-zero levels this year.
The minutes of the Fed’s September meeting, released on Thursday, indicated further signs of dovishness, with policymakers concerned about a global economic slowdown weighing on America, even before weak September jobs data.
“It was more a case of an abundance of caution rather than worry,” said Brad McMillan, chief investment officer for Commonwealth Financial Network.
“They are actually pretty comfortable with the U.S. economy. They don’t see anything to worry about, which is a remarkable thing to say,” McMillan said.
U.S. stocks closed higher on Thursday, while global stocks rallied on Friday after the Fed minutes. U.S. crude oil CLc1 rose, while the dollar .DXY fell.
U.S. import prices declined a smaller-than-expected 0.1 percent in September, Labor Department data showed. Fed Chair Janet Yellen has said import prices have been a major factor in keeping inflation below the Fed’s 2 percent target.
At 9:51 a.m. ET, the Dow Jones industrial average .DJI was up 42.36 points, or 0.25 percent, at 17,093.11.
The S&P 500 .SPX was up 5.06 points, or 0.25 percent, at 2,018.49 and the Nasdaq composite index .IXIC was up 13.71 points, or 0.29 percent, at 4,824.50.
McMillan expects stocks to finish the week on a high note.
Seven of the 10 major S&P sectors were up. The materials sector’s .SPLRCM 0.8 percent rise led the advancers as prices of aluminum, zinc, lead and copper jumped after Glencore (GLEN.L) said it would slash zinc output. [MET/L]
Freeport-McMoRan (FCX.N) was up 5.4 percent, while Newmont Mining (NEM.N) rose 4.2 percent.
Alcoa’s (AA.N) shares were down nearly 2 percent at $10.80 after it reported disappointing results.
Wall Street opened slightly higher on Friday, keeping the S&P 500 on track for its best week this year, as investors bet the Federal Reserve would not move interest rates off near-zero levels this year.
The minutes of the Fed’s September meeting, released on Thursday, indicated further signs of dovishness, with policymakers concerned about a global economic slowdown weighing on America, even before weak September jobs data.
“It was more a case of an abundance of caution rather than worry,” said Brad McMillan, chief investment officer for Commonwealth Financial Network.
“They are actually pretty comfortable with the U.S. economy. They don’t see anything to worry about, which is a remarkable thing to say,” McMillan said.
U.S. stocks closed higher on Thursday, while global stocks rallied on Friday after the Fed minutes. U.S. crude oil CLc1 rose, while the dollar .DXY fell.
U.S. import prices declined a smaller-than-expected 0.1 percent in September, Labor Department data showed. Fed Chair Janet Yellen has said import prices have been a major factor in keeping inflation below the Fed’s 2 percent target.
At 9:51 a.m. ET, the Dow Jones industrial average .DJI was up 42.36 points, or 0.25 percent, at 17,093.11.
The S&P 500 .SPX was up 5.06 points, or 0.25 percent, at 2,018.49 and the Nasdaq composite index .IXIC was up 13.71 points, or 0.29 percent, at 4,824.50.
McMillan expects stocks to finish the week on a high note.
Seven of the 10 major S&P sectors were up. The materials sector’s .SPLRCM 0.8 percent rise led the advancers as prices of aluminum, zinc, lead and copper jumped after Glencore (GLEN.L) said it would slash zinc output. [MET/L]
Freeport-McMoRan (FCX.N) was up 5.4 percent, while Newmont Mining (NEM.N) rose 4.2 percent.
Alcoa’s (AA.N) shares were down nearly 2 percent at $10.80 after it reported disappointing results.
