US stocks up ahead of Fed meeting, Apple event

Companies in the JSE recorded double-digit share price declines on Monday morning (Photo: Bryan R. Smith, AFP)
Companies in the JSE recorded double-digit share price declines on Monday morning (Photo: Bryan R. Smith, AFP)

Wall Street stocks rose early Tuesday, extending the prior session's gains ahead of a Federal Reserve meeting and Apple event to launch new products.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.6 percent at 28,163.47.

The broad-based S&P 500 gained 0.9 percent to 3,415.02, while the tech-rich Nasdaq Composite Index jumped 1.3 percent to 11,204.44.

After two losing weeks in a row, stocks are back on the upswing. The gains reflect a "feeling" that "the recent setback for the stock market has run its course," said Briefing.com analyst Patrick O'Hare.

Stocks could continue to climb, "fueled by the fear of missing out on further gains," O'Hare added.

Positive drivers for stocks include progress on coronavirus vaccines and major acquisitions unveiled in recent days. These have been countered somewhat by disappointment at the lack of progress on a US stimulus package in Congress.

Markets are looking ahead to a two-day Fed meeting concluding Wednesday with a press conference at which Chair Jay Powell is expected to maintain an accommodative stance.

Apple rose 1.9 percent ahead of an event expected to spotlight its smartwatch, iPad, and subscription services.

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