New York, Oct 9 (IANS) The US stocks opened higher on Friday as investors continued to digest the minutes the US Federal Reserve’s September meeting released on Thursday.
“So, the minutes showed a Fed mired in indecision, erring on the side of dovishness,” said Stephen Guilfoyle, managing director at Deep Value.
According to the minutes, the information reviewed for the September 16-17 meeting suggested that the US real gross domestic product (GDP) was expanding at a moderate pace in the third quarter, Xinhua news agency reported.
Domestic financial conditions, however, tightened modestly as concerns about prospects for global economic growth prompted an increase in financial market volatility and a deterioration in risk sentiment during the period.
“Many (officials) acknowledged that recent global economic and financial developments may have increased the downside risks to economic activity somewhat,” the minutes said.
On the economic front, import prices edged down 0.1 percent in September, less than market expectations of 0.5 percent drop. However, export prices declined 0.7 percent, more than the 0.2 percent estimates by analysts.
Shortly after the opening bell, the Dow Jones Industrial Average was up 55.79 points, or 0.33 percent, to 17,106.54. The S&P 500 rose 4.42 points, or 0.22 percent, to 2,017.85. The Nasdaq Composite Index ticked up 2.97 points, or 0.06 percent, to 4,813.75.
The US stocks reversed early losses to end higher on Thursday, with the Dow Jones Industrial Average on a five-day winning streak for the first time in 2015, as Wall Street assessed the newly-released Fed’s minutes.