{"id":402111,"date":"2011-04-27T14:58:01","date_gmt":"2011-04-27T14:58:01","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/27\/stocks-little-changed-ahead-of-fed-statement\/"},"modified":"2011-04-27T14:58:01","modified_gmt":"2011-04-27T14:58:01","slug":"stocks-little-changed-ahead-of-fed-statement","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/27\/stocks-little-changed-ahead-of-fed-statement\/","title":{"rendered":"Stocks little changed ahead of Fed statement"},"content":{"rendered":"
\n

\"U.S.<\/a>Click the chart for more market data.<\/strong><\/span> By CNNMoney staff<\/span>April 27, 2011: 10:57 AM ET<\/span><\/p>\n

NEW YORK\u00a0(CNNMoney) — U.S. stocks traded with little change early Wednesday, as investors sort through the latest corporate results and await the Federal Reserve’s policy statement and press conference.<\/p>\n

The Dow Jones industrial average (INDU<\/a>) rose 9 points, or 0.1%; while the S&P 500 (SPX<\/a>) fell 2 points, or 0.2%; and the Nasdaq Composite (COMP<\/a>) edged lower 3 points, or 0.1%.<\/p>\n

U.S. stocks finished at their highest levels in three years<\/a> Tuesday. Investors cheered another batch of solid earnings, and a better-than-expected report on consumer confidence.<\/p>\n

Investors will turn their attention to Federal Reserve Chairman Ben Bernanke’s first of what will become four regular press conferences a year<\/a>.<\/p>\n

In the past, Bernanke has rarely taken journalists’ questions publicly. The speech and question-and-answer session will follow the Fed’s two-day meeting on monetary policy.<\/p>\n

While the Fed’s Open Market Committee is not expected to raise interest rates, investors are hoping to get some sense of how soon the central bank could move to tighten its easy money stance, after quantitative easing ends this summer.<\/p>\n

“QE2 has been such a big tailwind for the equity markets that any statement or clarity regarding that program will be positive for stocks,” said William Larkin, portfolio manager with Cabot Money Management.<\/p>\n

Meanwhile, the market is also getting a boost from a $21 billion merger in the health care sector, while results from a handful of big companies came in mixed. But the tone was tempered by a warning from S&P that Japan’s debt<\/a> could be at risk for a downgrade.<\/p>\n

Companies<\/strong><\/a>: Johnson & Johnson will buy Synthes<\/a>, a Swiss maker of orthopedic devices, for $21.3 billion. Shares of J&J (JNJ<\/a>, Fortune 500<\/a>) fell about 1%.<\/p>\n

Shares of Dow component Boeing (BA<\/a>, Fortune 500<\/a>) was 2% higher after the aeronautics company said it earned 78 cents per share in the first quarter, up from 70 cents a year earlier. Analysts were expecting 70 cents per share, according to Thomson Reuters.<\/p>\n

BP (BP<\/a>) reported first-quarter earnings of $1.75 per U.S.-listed share, down from $1.79 per share in the year-ago quarter. The British oil company was expected to report $1.82 per share. Shares was down 0.2%.<\/p>\n

Amazon.com (AMZN<\/a>, Fortune 500<\/a>)’s stock rose 4% after the online merchant reported first-quarter earnings<\/a> that fell by one-third compared to a year earlier and sharply missed Wall Street forecasts.<\/p>\n

After the close, Starbucks (SBUX<\/a>, Fortune 500<\/a>) reports results. The coffee retailer is expected to earn 34 cents a share.<\/p>\n

Economy:<\/strong><\/a> The government said new orders for durable goods increased 2.5% in March, after a 0.7% rise the month before. Economists surveyed by Briefing.com expect an increase of 1.8% in March.<\/p>\n

World markets:<\/strong><\/a> European stocks moved higher in afternoon trading. The DAX in Germany was up 0.7% and France’s CAC 40 rose 0.8%, while Britain’s FTSE 100 was flat.<\/p>\n

Asian markets ended mixed. The Shanghai Composite and the Hang Seng in Hong Kong both fell about 0.5%, while Japan’s Nikkei rallied 1.4%.<\/p>\n

Standard & Poor’s warned that Japan’s government could face a downgrade<\/a> of its credit rating within the next few years, as the nation’s economy recovers from the March 11 earthquake and tsunami.<\/p>\n

S&P lowered its outlook on Japan’s long-term debt to “negative” from “stable,” saying the government will likely bear most of the cost of rebuilding. The ongoing struggle to contain a damaged nuclear power plant in Japan makes the outlook even more uncertain, the agency said.<\/p>\n

Currencies<\/strong><\/a> and commodities:<\/a><\/strong> The dollar fell against the euro and the British pound, but rose versus the Japanese yen.<\/p>\n

Oil for June delivery lost $1.15 to $111.15 a barrel.<\/p>\n

Gold futures for June delivery rose $3.30 to $1,506.30 an ounce.<\/p>\n

Bonds<\/strong><\/a>:<\/strong> The price on the benchmark 10-year U.S. Treasury fell, with the yield rising to 3.35% from Tuesday’s yield of 3.32%.\u00a0\"To<\/a><\/p>\n

First Published: April 27, 2011: 9:44 AM ET<\/p>\n<\/div>\n

<\/p>\n

Go here to see the original:
\nStocks little changed ahead of Fed statement<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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