Financials, Industrials Power S&P, Dow to Record Highs
The meeting is unlikely to result in an interest rate increase,
but investors will focus on how Fed Chair Janet Yellen views recent inflation readings for clues on the timing of further rate hikes.
(Reuters) - Wall Street hit new life highs on Monday powered by financials, technology
and industrials stocks even as investors await cues from the Federal Reserve on its future path of monetary policy.
A relatively quiet North Korea and U. S. Secretary of State Rex Tillerson’s recent
comments on "peaceful solution" also led investors back to riskier assets.
I think she (Yellen) will need a little more evidence on the inflation side over the next
month or two to have some conviction about moving rates in December," Sanchez said
We could be experiencing what’s known as a robust return environment," said Ronald Sanchez,
chief investment officer at Fiduciary Trust Company International in New York.
However, a stronger-than-expected rise in consumer prices in August triggered a more than 50
percent rise in the odds of a December rate hike, according to CME Group’s FedWatch tool.