Wall Street’s main indexes rose on Tuesday to record highs as a strong earnings season continued to lift sentiment for equities, while investors were looking ahead to the outcome of a critical Federal Reserve meeting.
Asia Pacific stocks were mostly down on Wednesday morning, getting off to a mixed start as short-term sovereign yields retreated ahead of the U.S. Federal Reserve’s latest policy decision. Investors also digested the latest economic data from China.
Gold was down on Tuesday morning in Asia, with a strengthening dollar taking some of the shine off the yellow metal. Investors also await policy decisions from several key central banks, starting in Australia, as concerns about rising inflation continue.
Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand.
The dollar traded near a 2 1/2-week high to major peers on Monday as quickening inflation in the United States boosted the case for earlier Federal Reserve interest rate hikes ahead of a policy decision on Wednesday.
The major averages closed in record territory Monday, led by energy and consumer discretionary stocks ahead of data-laden week including a monetary policy update from the Federal Reserve.