Wall Street rises ahead of Fed rate decision

President Donald Trump walks with Federal Reserve board member Jerome Powell before announcing him as his nominee for the next chair of the Federal Reserve in the Rose Garden of the White House in Washington Thursday Nov. 2 2017. (AP  Pablo Martinez Mon

President Trump has bragged in the past that he's responsible for the economy taking off like a "rocket ship".

At 11:14 a.m. ET, the Dow Jones Industrial Average was up 169.60 points, or 0.72 percent, at 23,845.24, the S&P 500 was up 18.32 points, or 0.72 percent, at 2,564.48 and the Nasdaq Composite was up 41.07 points, or 0.61 percent, at 6,824.98.

The rate peaked at 2.4 per cent in July, but has move downwards since. And the tech-laden Nasdaq was off 3 per cent. Shares of both Apple Inc and Google parent Alphabet Inc dropped more than 3 percent.

Donald Trump has privately discussed the possibility of firing Federal Reserve chairman Jerome Powell, a move that could roil already volatile financial markets, two sources familiar with situation said on Saturday.

"Technology has been in the headlines with regulation and privacy concerns", Wren said.

FORECASTING - The Fed in 2012 began releasing projections each quarter from its governors and reserve bank presidents for economic measures. But the index later turned negative once again. The justification is simple: the reduction in the number of rate hikes implies that the economy is not really as strong as expected and growth is not as robust as investors originally thought.

The exterior of the New York Stock Exchange was lit up for the holidays Thursday night, but investors are not enjoying a Santa Clause rally this year. But it also raises the risk that the Fed will jolt the markets by catching them off guard. "There's too much news". But investors' concerns over the chairman's comments led to USA equities to record their steepest declines for any Federal Open Market Committee announcement day since 2011.

The Fed raised rates again despite pressure from the United States president - who has tweeted repeatedly about his opposition to a rise - as it lifted its benchmark rate to a range of 2.25% to 2.5%.

"We're going to go into the new year with eyes wide open", he said.

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In other energy trading, wholesale gasoline shed 1.7 percent to $1.41 a gallon and heating oil slid 1 percent to $1.83 a gallon. Smaller U.S. stocks have taken dramatic losses as investors have lost confidence in the U.S. economy's growth prospects.

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The index, along with the Dow and the benchmark S&P 500, pared losses as the session continued.

"(Williams' comments) helped the markets for a while early on, and then it was just a sell-off after that", Ghriskey said. The tech-heavy index is down almost seven percent for 2018.

Investors had been hoping the Fed and Chairman Jerome Powell would be explicitly dovish in their communications but were left disappointed by the central bank's tone. Instead, he has decided, beginning in 2019, to hold news conferences after each of the Fed's eight meetings each year, rather than only quarterly.

"I always warn people that it's important to pay attention to technicals even if they don't believe in them, because there are other people who do", said Randy Frederick, vice president of trading and derivatives at Charles Schwab. "Policy does not need to be accommodative", he said.

"Yesterday, investors were disappointed by Powell's press conference suggesting that monetary policy remained locked on a course of raising interest rates".

"The market had its worst week in 10 years because of Powell", said Jim Bianco, president of Bianco Research LLC in Chicago.

"The Fed has done a pretty bad job of communicating their intentions", Yardeni added. Although these predictions are described as highly data-dependent, as is customary for the central bank, they unsettled markets across the board.

Selling accelerated Thursday afternoon when reports emerged that President Trump told House Speaker Paul Ryan that he would not sign the short-term spending bill approved by the Senate unless it had more funding for his proposed border wall - setting the stage for a partial government shutdown. However, he also noted that the "strong economy is benefiting many Americans". Those worries are reinforced by a 30 per cent-plus decline in world oil prices since October.

Capping the tumult was the White House announcement Thursday afternoon that Defense Secretary Jim Mattis, considered a rock-solid stabilising force in a frensied administration, had resigned. As we all know with Trump, he doesn't handle blame very well. But the overall GDP performance for the year will still be the best since 2005.

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