http://www.thestreet.com/story/11161432/1/stock-market-story-june-22.html
Stocks Pause Ahead of Fed Rate Decision
06/22/11 - 11:26 AM EDT
NEW YORK (TheStreet) -- Stocks inched higher but didn't stray too far from the flat line ahead of the Federal Reserve's rate decision announcement later this afternoon.
Financial stocks were helping the
Dow Jones Industrial Average move higher.
JPMorgan Chase(JPM_),
American Express(AXP_) and
Bank of America(BAC_) were trading near the top of the Dow, which was up by 1 point, or 0.01%, at 12,191. The
S&P 500 was higher by 2 points, or 0.1%, at 1297, and the
Nasdaq was ahead by 3 points, or 0.1%, at 2691.
FedEx(FDX_), which is often
considered a bellwether for the economy, was also giving the market a boost. The package delivery company said earnings jumped 33% in the fourth quarter, beating expectations, and forecast strong 2012 earnings. The stock was gaining 2.3% to $91.21 and the transportation sector was showing some of the session's strongest gains. Shares of rival UPS were advancing 1% to $71.35.
"FedEx is the best call on the world economy I know of and, while it looks like the company got a boost from those trying to work around the Japanese supply chain issue, the whole world seems better than people think," said Jim Cramer in a
RealMoney blog post.
The Federal Open Market Committee's looming rate decision announcement was keeping the market in check even though Wall Street isn't anticipating anything unexpected. Fed Chairman Ben Bernanke has been clear about his intentions to end the second-round of quantitative easing in June as was originally planned when the program was launched in November 2010.
http://www.thestreet.com/story/11161432/1/stock-market-story-june-22.html
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