NEW YORK – Wall Street stocks closed mixed on Sept 12 as investors look ahead to the Federal Reserve\u2019s interest rate decision next week, with strong expectations of a rate cut.<\/p>\n
The Dow Jones Industrial Average dropped 0.6 per cent to 45,834.22, while the broad-based S&P 500 Index was flat at 6,584.29.<\/p>\n
The tech-heavy Nasdaq Composite Index climbed 0.5 per cent to 22,141.10.<\/p>\n
A University of Michigan survey showed on Sept 12 that consumer sentiment retreated in early September, particularly among lower and middle income consumers.<\/p>\n
The report came on the heels of inflation data that met analysts\u2019 expectations, alongside numbers signalling weakening in the employment market.<\/p>\n
All of these have added to conviction that the US central bank will opt for a rate reduction of 25 basis points at the end of its two-day meeting on Sept 17, bolstering markets.<\/p>\n
\u201cIt really is all about the Fed\u201d next week, said Mr Christopher Low, of FHN Financial.<\/p>\n
While investors have priced in a rate cut, all eyes are on guidance from the central bank and how much the Fed is shifting its focus from curbing inflation to supporting the cooling jobs market.<\/p>\n
\u201cIn addition to that, we will have a new Fed (economic) forecast,\u201d Mr Low said. \u201cWe\u2019re going to want to try to gauge how many cuts they\u2019re thinking of in the future.\u201d AFP<\/p>\n
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