US stocks rally

New York, Oct 10 (IANS) US stocks traded higher in the morning session, as investors continued to digest the minutes from the US Federal Reserve’s September meeting.

On Friday, the Dow Jones Industrial Average was up 22.22 points (0.13 percent) to 17,072.97, Xinhua news agency reported.

The S&P 500 ticked up 1.61 points (0.08 percent) to 2,015.04. The Nasdaq Composite Index rose 17.26 points (0.36 percent) to 4,828.05.

According to the minutes, the information reviewed for the September 16-17 meeting suggested that US real gross domestic product (GDP) was expanding at a moderate pace in the third quarter.

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,” the minutes said.

New York Fed President William Dudley said the international developments in August and financial developments in the month raised some questions about the strength of the global outlook.

On the economic front, import prices edged down 0.1 percent in September, less than market expectations of a 0.5 percent drop, said the US Labour Department on Friday.

However, export prices declined 0.7 percent, more than the 0.2 percent estimate by analysts.

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.

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