NEW YORK: Wall Street stocks finished nearly flat Tuesday as the market absorbed a deluge of mostly solid earnings and awaited a policy statement from the Federal Reserve.
Analysts said the mushy trade reflected a wait-and-see approach ahead of Wednesday’s Fed statement. While the US central bank is expected to keep interest rates unchanged, its commentary will be scrutinized for clues on the prospects for future interest rate increases.
“We’ll be looking for the tone,” said Art Hogan, chief market strategist at Wunderlich Securities.
The Dow Jones Industrial Average ended up less than 0.1 percent at 17,990.32.
The broad-based S&P 500 rose 0.2 percent to 2,091.70, while the tech-rich Nasdaq dipped 0.2 percent to 4,888.31.
Procter & Gamble fell 2.3 percent after reporting that fiscal third-quarter sales fell 6.9 percent to $15.8 billion due to the strong dollar and weak demand from oil-dependent countries.
DuPont rose 2.4 percent as it said the strong dollar would not weigh on earnings as much as previously feared. DuPont also said its agriculture business had benefited from higher corn plantings than previously expected.
Other companies to report earnings included: Lockheed Martin, down 2.6 percent; Whirlpool, down 3.6 percent; 3M, down 1.3 percent; and Corning, down 8.4 percent.
Google parent Alphabet fell 2.1 percent following a Wall Street Journal report that the Federal Trade Commission is probing whether Google abuses the dominant power of its Android smartphone software in the market.
Copyright AFP (Agence France-Presse), 2016
Courtesy : BRecorder