US stocks rose for a second day in a row after last weeks decline. Investors are waiting for Bernankes statement on current economy condition which is to take place later today. The Feds Chairman declared last month that government is going to taper the stimulus package only when a stable growth indicators of US economy are present.
The S&P 500 index climbed to its highest for the month, recording a 0.8% increase for a second day in a row. Dow Jones Industrial Average gained 0.9%.
The Federal Open Market Committee is supposed to begin a two day policy meeting starting today. Ben Bernanke should give a press conference and will probably set some clarity on the stimulus subject. The housing and car industry are outperforming forecasts which is a good sign of economys sustainability. On the other side, unemployment stays resiliently high for US.
“The strongest parts of the economy where we are really getting growth is autos and housing,” Joseph Veranth, chief investment officer at Dana Investment Advisors in Brookfield, Wisconsin, said by phone for Bloomberg. “The Fed is still worried about a number of things: low inflation, weak employment growth, weaker commodities and some weakness around the world in China and Europe.”
In corporate news, all of the ten S&P 500 sectors rose yesterday among which industrial and telecommunication firms gained the most.
Verizon climbed 1.7 after expressing interest in acquiring wireless carrier Wind Mobile, a move that would allow the leading US company to expand into Canada, people familiar with the subject said to Bloomberg.
Flir raised by 6.2% after Raymond James analyst Brian Gesuale, cited solid orders of night-vision cameras to the government.
BlackBerry surged 3.8% after RBC Capital Markets raised estimates on phone maker companys sales.
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