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S&P 500 snaps three-day losing streak as investors assess earnings, Fed’s next move

The S&P 500 snapped a three-day losing streak Wednesday as investors digested third-quarter earnings and insights into when the Fed might taper its asset-purchase program.

The broad index closed 0.3% higher at 4,363.80, fluctuating between gains and losses throughout the session. 

The Nasdaq Composite ticked up 0.7% to 14,571.64, also breaking a negative streak. 

The Dow Jones Industrial Average was flat at 34,377.81 after shedding more than 260 points at its intraday lows.

Minutes released Wednesday afternoon from the Federal Open Market Committee’s September meeting showed the central bank could begin tapering its asset-purchase program as soon as mid-November.

Third-quarter earnings season kicked off on Wednesday with JPMorgan Chase, which said that quarterly profit topped expectations following a boost from better-than-expected loan losses. Revenue for the largest U.S. bank by assets also came in higher than expected.

 

European stocks close higher as strong earnings boost sentiment; tech up 2.7%

European stocks closed higher on Wednesday as strong earnings offset concerns about global growth and inflation.

 

The pan-European Stoxx 600 closed up 0.7%, having started the session in the red. Tech stocks bounced 2.6% to lead gains, while banks fell 1.6%.

Investors in Europe were digesting the latest inflation numbers out of the U.S. The consumer price index jumped 0.4% in September from the month prior and 5.4% year over year, the Labor Department reported Wednesday, against expected increases of 0.3% monthly and 5.3% annually in a Dow Jones poll of economists.

 

Reference: CNBC