This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Market Today: U.S. Stocks Advance Ahead of Fed Minutes; Alcoa Rises

NEW YORK (TheStreet) -- U.S. benchmark stock indices rose Wednesday after aluminum giant Alcoa (AA) kicked off the second-quarter earnings season with better-than-expected results. The markets were also awaiting the minutes from the latest Federal Reserve meeting.

Alcoa was advancing 2.96% after posting second-quarter earnings that topped analysts' estimates.

The Dow Jones Industrial Average was edging 0.18% higher to 16,936.81. The S&P 500 was inching up 0.23% to 1,968.16. The Nasdaq was rising 0.37% to 4,407.66.


WATCH: More market update videos on TheStreet TV

Minutes from the Federal Open Market Committee's June 17 to June 18 meeting will be issued at 2 p.m. EDT. Market participants will be parsing the minutes for any discussion of policy exit strategies and potentially, approaches at improving communication to the markets.

Eric Green, head of U.S. rates and economic research at TD Securities, urged investors not to get caught up in the speculation that a rate hike will take place as soon as in the first half of 2015.

"The Fed cannot afford to get this exit strategy wrong," Green noted.

July 9 Premarket Briefing: 10 Things You Should Know

European Stocks Slide Ahead of Fed Minutes

Stock Market Today: Dow Slips Below 17,000 Mark With Little to Re-Energize Rally

European stock indices were mixed as investors hoped that minutes of the last Fed rate-setting meeting will ease recent nervousness.

Other companies in focus Wednesday include Apple (AAPL), AbbVie (ABBV), Shire (SHPG) and Reynolds American (RAI - Get Report).

Reynolds American was gaining nearly 3% after The Daily Mail reported that British American Tobacco will reportedly buy the 58% stake of Reynolds that it doesn't already own.

A Beijing court ruled against Apple by upholding the validity of a patent held by a Chinese company, clearing the way for the Chinese company to continue its own case against Apple for infringing intellectual property rights, Reuters reported. Apple shares were incrementally higher. AbbVie on Tuesday made its fourth offer for Irish drugmaker Shire, this time raising the bid by 11% to about 30.1 billion pounds ($51.5 billion). Shire shares were trading sideways and AbbVie was down by 1.33%.

The Dow tumbled below the 17,000 psychological threshold Tuesday with little market-moving news to sustain the rally that swept benchmark indices to record highs last week.

-- By Andrea Tse in New York

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
RAI $76.26 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs