The US markets ended mostly in red terrain on Tuesday, as traders seemed reluctant to make significant moves ahead of the Fed announcement on September 26, 2018. The Fed is widely expected to raise interest rates by 25 basis points, although traders are likely to pay close attention to the accompanying statement for clues about the outlook for rates. Fed Chairman Jerome Powell’s subsequent press conference is also likely to attract attention, with the central bank expected to raise rates by at least once more this year.
Traders largely shrugged off a report from the Conference Board showing an unexpected improvement in consumer confidence in the month of September. The Conference Board said its consumer confidence index climbed to 138.4 in September from an upwardly revised 134.7 in August. The street had expected the consumer confidence index to drop to 131.7 from the 133.4 originally reported for the previous month. With the unexpected increase, the consumer confidence index reached a new 18-year high and is not far from the all-time high of 144.7 reached in 2000.
The S&P 500 slipped 3.81 points or 0.13 percent to 2915.56 and Dow Jones Industrial Average was down by 69.84 points or 0.26 percent to 26,492.21, while Nasdaq was up by 14.22 points or 0.18 percent to 8,007.47.
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