S&P 500 Aims for Biggest Month since January; Investor Pessimism Lowers Oil Prices; Declining Yen Boosts Asian Stock Indices
S&P 500 Aims for Biggest Month since January (Bloomberg)
The S&P rose again Tuesday ahead of an announcement from the Federal Reserve. The U.S. market index is on track for its biggest month since January. “We’re waiting again to hear what the Fed has to say because everybody’s on tenterhooks,” Sarah Hunt, an associate fund manager and analyst at Purchase, New York-based Alpine Woods Capital Investors LLC, said. “Earnings have been a mixed bag but I would say mostly positive.”
U.S. oil fell more than one percent Tuesday, as Brent Crude declined amid investor concerns over a slowing global economy. “Most of the macroeconomic data over the last month or so have indicated that many of the high growth economies of the world are finally starting to slow,” said Dominick Chirichella of Energy Management Institute.
After declining Monday, Asian markets rebounded due to a weaker Yen and the decision of China’s Central Bank to send funds into the money market. The Nikkei led the recovery after four sessions of losses. “It’s very hard for the market to be able to look through something this weak and given what’s going on with dollar-yen, the Nikkei is going to remain vulnerable. But after the volatility, I think we could get some buying opportunities in the Japanese market” said Laura Fitzsimmons, vice president of futures & options at JPMorgan Investment Bank.