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US stocks open higher as market awaits Fed decision

A man walks through the rain on Wall Street outside the New York Stock Exchange October 9, 2019. — Reuters pic

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NEW YORK, Jan 26 — Wall Street stocks opened solidly higher today following good results from Microsoft, as investors await a key Federal Reserve decision and monitor US-Russia tensions over Ukraine.

Better-than-expected Microsoft results due to robust demand for digital software helped lift large tech giants such as Apple and Amazon ahead of their reports in the coming days.

The good results also shifted attention away from Ukraine after the United States yesterday threatened severe sanctions on Russia.

Markets are awaiting a Fed decision later today expected to spell out the US central bank’s roadmap for tightening monetary policy. Worries about the Fed pivot have weighed on stocks throughout 2022 so far.

About 20 minutes into trading, the Dow Jones Industrial Average was up 1.0 per cent at 34,648.02.

The broad-based S&P 500 gained 1.5 per cent to 4,419.86, while the tech-rich Nasdaq Composite Index jumped 1.9 per cent to 13,797.04.

Equities have had a topsy-turvy week so far, overcoming a huge deficit on Monday to finish higher before pulling back yesterday. — AFP

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