Moneycontrol Bureau:
The US markets recovered from their day's lows to close higher with more than 1% gains after FED Chairman Ben Bernanke said that the FED may look to reinvest in mortgage backed securities to provide additional support to the weak housing market.
Stocks shaved their gains earlier after the FED slashed its growth forecasts and following a report that said the sixth tranche of loans to Greece may not be paid until after Greek referendum is held.
At the close, the Dow Jones Industrial Average rose 1.53%, the S&P 500 index gained 1.61%, while the Nasdaq 100 index climbed 0.87%.
FED statement:
The FED leaves interest rates unchanged and announces that they are holding off on any new actions to aid the economy, but left open the possibility of taking further steps in the near future.
In addition, the FED cut its growth forecast to between 1.6 and 1.7% for 2011.
US economic data:
US private-sector employers added 110,000 jobs in October. Weekly mortgage applications rose last week, as demand for both purchases and refinancing gained.
Data to watch out for:
Jobless claims for the week is expected to come out today. Consensus figures indicate a decline from 402,000 to 400,000.
Factory orders for September is expected to remain the same month on month.
Meanwhile, the ISM Manufacturing data for October is expected to indicate an uptick to 53.5 from 53.
Also productivity and costs data for the third quarter is expected to come out today. NPN Farm Productivity is expected to improve.
BY-ANKIT KUMAR
The US markets recovered from their day's lows to close higher with more than 1% gains after FED Chairman Ben Bernanke said that the FED may look to reinvest in mortgage backed securities to provide additional support to the weak housing market.
Stocks shaved their gains earlier after the FED slashed its growth forecasts and following a report that said the sixth tranche of loans to Greece may not be paid until after Greek referendum is held.
At the close, the Dow Jones Industrial Average rose 1.53%, the S&P 500 index gained 1.61%, while the Nasdaq 100 index climbed 0.87%.
FED statement:
The FED leaves interest rates unchanged and announces that they are holding off on any new actions to aid the economy, but left open the possibility of taking further steps in the near future.
In addition, the FED cut its growth forecast to between 1.6 and 1.7% for 2011.
US economic data:
US private-sector employers added 110,000 jobs in October. Weekly mortgage applications rose last week, as demand for both purchases and refinancing gained.
Data to watch out for:
Jobless claims for the week is expected to come out today. Consensus figures indicate a decline from 402,000 to 400,000.
Factory orders for September is expected to remain the same month on month.
Meanwhile, the ISM Manufacturing data for October is expected to indicate an uptick to 53.5 from 53.
Also productivity and costs data for the third quarter is expected to come out today. NPN Farm Productivity is expected to improve.
BY-ANKIT KUMAR
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