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U.S. stocks waver narrowly ahead of Fed meeting

Xinhua, November 1, 2016 Adjust font size:

U.S. stocks fluctuated between small gains and losses in the morning session Monday, as Wall Street awaited the Federal Reserve's two-day policy meeting scheduled to begin Tuesday.

By midday, the Dow Jones Industrial Average rose 18.04 points, or 0.10 percent, to 18,179.23. The S&P 500 gained 5.85 points, or 0.28 percent, to 2,132.26. The Nasdaq Composite Index increased 13.69 points, or 0.26 percent, to 5,203.80.

Investors kept a close eye on the Fed's policy meeting for more clues on the timing of a next rate hike. Analysts widely hold that the Fed would keep interest rate unchanged in this meeting.

On the economic front, U.S. personal income increased 46.7 billion U.S. dollars, or 0.3 percent, in September, missing market consensus of a 0.4-percent gain, according to Commerce Department on Monday.

Disposable personal income increased 37.0 billion dollars, or 0.3 percent, and personal consumption expenditures increased 61.0 billion dollars, or 0.5 percent.

In corporate news, shares of Honda Motor Co. traded slightly lower around midday Monday after the company raised its full-year forecast.

Meanwhile, the U.S. election was also in focus. FBI Director James Comey said in a Friday letter to lawmakers that the agency is probing new emails related to the Democratic nominee. The emails were discovered during a separate investigation involving former Congressman Anthony Weiner.

Clinton's lead over her Republican counterpart, Donald Trump, has narrowed significantly since Friday's news broke, according to data from RealClearPolitics.

On Friday, U.S. stocks retreated further as investors digested the news of the country's stronger-than-expected third-quarter economic growth amid generally downbeat earnings reports. Enditem