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NEW YORK: Wall Street appeared in positive territory on Tuesday, September 17th towards the end of a largely flat trading day, while the markets were awaiting an interest rate decision from the Federal Reserve.
Equities also recovered somewhat from the previous day, as attacks on Saudi oil facilities over the weekend sent stocks into the red, fearing higher crude prices and greater volatility.
The Dow Jones Industrial Average benchmark rose 33.98 points (0.13%) to 27,110.80. The broader S & P 500 gained 7.74 points (0.26%), settling at 3,005.70 while the Nasdaq, very technology-driven, advanced 32.47 points (0 , 40%) to close at 8 186.02.
Fed policymakers opened Tuesday's two-day meeting, after several weeks in which President Jerome Powell had announced that a rate cut was likely due to the decline in economic performance and the rise in risks for growth.
Maris Ogg of Tower Bridge Advisors told AFP that a Fed rate cut on Wednesday was virtually assured.
"I think it's almost impossible that the Fed does not lower its rates by 25 basis points," she said. "They reported it extremely loud."
But she noted that recent economic data stronger than expected could be a "bug in the ointment".
The Fed announced Tuesday that industrial production had its largest increase in a year last month, supported by strong gains in the manufacturing sector, which fell into recession early in the year.
Tuesday afternoon, however, the futures markets reversed their forecasts, indicating that the Fed was more likely to resist rate cuts.
Among individual businesses, Home Depot, the hardware and home improvement store chain, posted a 0.3% decline after its inventory was downgraded.
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