U.S. stocks rose amid
deal activity among beer brewers and a rally in energy shares, as
Federal Reserve policy makers hold a two-day meeting to decide whether
to lift interest rates for the first time since 2006.
Molson Coors Brewing
Co. jumped 13 percent to a record after Anheuser-Busch InBev NV said it
intends to make a bid for Molson’s joint-venture partner SABMiller Plc.
Chevron Corp. and Exxon Mobil Corp. advanced more than 1.9 percent as
oil climbed for a second day. Hewlett-Packard Co. gained 5.1 percent
amid its plans to cut about 30,000 jobs. FedEx Corp. lost 3.9 percent
after cutting its 2016 profit forecast.
The Standard &
Poor’s 500 Index rose 0.7 percent to 1,991.94 at 12:24 p.m. in New York,
after surging 1.3 percent Tuesday. The Dow Jones Industrial Average
added 98.45 points, or 0.6 percent, to 16,698.30. The Nasdaq Composite
Index gained 0.4 percent. Trading in S&P 500 companies was 12
percent below the 30-day average for this time of day.
Data today showed
prices paid by American households declined in August as cheaper
gasoline helped keep inflation below the objective of Fed policy makers.
The consumer-price index dropped 0.1 percent, the first decline since
January. The so-called core measure, which strips out often-volatile
fuel and food costs, rose 0.1 percent for a second month.
Source : Bloomberg
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