News
Stocks Enter 'Holding Period' Awaiting Fed Announcement
The US economy is holding its breath as it waits for the results of the Fed’s two-day meeting that began yesterday.
“We’re in a holding period,” says Jeremy Zirin, chief equity strategist at UBS Wealth Management Americas, as trading calms. The S&P 500 moved less than 1% in 10 of the last 13 trading days, marking its longest period of stability in four months, the Wall Street Journal reports.
Tuesday’s US stock-trading volume was low—the second lowest this year. And while some sectors are down—retails sales fell 0.1% and drug company Valeant (VRX) dropped 51% after cutting its guidance—the market at large is waiting for news about the rates.
And the Fed is poised to keep us waiting just a bit longer—its announcement should come today. [WSJ]
