Tuesday, 14 March 2017

Wall Street drifts with eyes on Fed; Intel drops

US stocks ended little changed in light volume on Monday, with traders eyeing a Federal Reserve meeting expected to result in an interest rate increase later this week. The S&P 500 traded in its tightest range of the year, in and out of slight losses, while the CBOE Volatility index was on track to close at its lowest in more than a week.

Shares of Mobileye jumped nearly 30 percent to a high of USD 61.51 after chipmaker Intel agreed to buy the driverless technology maker for USD 15.3 billion. Mobileye closed up 28.2 percent at USD60.62 and Intel fell 2.1 percent to USD 35.16.

Investors looked ahead to the Fed's two-day meeting that starts on Tuesday. Traders saw a 94 percent chance that the US central bank will lift interest rates by 25 basis points on Wednesday.

"Intel buying Mobileye is the story of the day, moving into that market sector, adding that they advised some clients to "fade in" into Intel stocks.

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