Wednesday, 27 July 2016

Wall Street mixed, Apple Impresses and Twitter Disappoints

US stocks were mixed on Tuesday as Federal Reserve policymakers kicked off a two-day interest rate meeting and investors braced for quarterly scorecards from Apple and Twitter. 

Choppy stock trading followed a recent rally to consecutive record highs on the S&P 500 that has stretched price-to-earnings multiples to levels that some investors say presumes that companies will beat second-quarter estimates. 

Five of the 10 major S&P sectors rose, while a 1.49 percent drop in the telecom services index weighed heavily. Verizon Communications fell 1.9 percent after subscriber numbers fell below estimates. 

Caterpillar's shares jumped 5.16 percent to touch a year high after quarterly earnings beat expectations. The Federal Reserve began a two-day meeting and while it is not expected to raise US interest rates, investors will be watching for hints about when the US central bank might make a move.

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