Market Finishes Higher ahead of Fed Meeting
The U.S. equity market finished the day higher as investors await the crucial Federal Reserve meeting. The Dow Jones ended the day 0.58% higher at 11,188.72, the S&P 500 ended the day 0.78% higher at 1,193.57 and the Nasdaq ended the day 1.14% higher at 2.533.52.
Among the major companies that reported earnings today was BP Plc (ADR) (NYSE: BP). The London-based company reported its third-quarter financial results before market open. BP’s third-quarter results were negatively impacted by the charges related to the oil spill in the Gulf of Mexico. Despite this, the company did manage strong operating performance in the third quarter of 2010. ADRs of BP ended the day 1.59% higher at $41.42, touching an intra-day high of $41.68.
Pfizer Inc. (NYSE: PFE), the New York City-based global pharmaceutical company, also reported its third-quarter financial results today. The company posted strong third-quarter results. Shares of Pfizer Inc. ended the day 0.96% lower at $17.45, touching an intra-day low of $17.25.
Crude oil today rose to a six-month high as the U.S. dollar dropped against major currencies on speculation that the Fed will take measures to boost the U.S. economy. Crude oil for delivery in December rose by $0.95 to $83.90 a barrel on the New York Mercantile Exchange. Gold prices also rose on the weakening of the U.S. dollar. Gold futures for delivery in December climbed 0.2% to $1,353.90 an ounce on the Comex.
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