Stocks flat ahead of FOMC announcement $PM:xnys
- Published: 13 September 2012
- Stocks closed the session a touch higher as the market looks towards the pending FOMC meeting. Investors are looking to the Fed to provide further stimulus to the economy to help stimulate growth and bring down the persistently high unemployment rate which stubbornly remains above 8.0%
- The German Constitutional Court threw out a motion that would have barred the German state from participating in further European bailout mechanisms. This decision was largely anticipated by the market and already priced in
- Leading the S&P500 higher were telco's while material stocks pulled back
- Indexes managed to post intra day multi year highs with the Dow now around 6% away from its all time high which was reached in October 2007
- Apple rallied 1.39% after it finally released its long awaited iPhone 5 device. The new iPhone features a bigger display yet is lighter and faster
- Facebook managed to rally 7.73% after the release of the iPhone 5 showcased inbuilt Facebook technology
- DOW +0.07%, S&P500 +0.21% and NASDAQ +0.32%
- The Euro rose to nearly 1.29 after the positive court decision, AUD near 1.05
- Gold was slightly weaker and Crude fell on unexpected increase in supplies
