The S&P 500 increased 0.5 percent to 1,242.64 at 9:31 a.m. New York time. The benchmark gauge yesterday fell 1.5 percent.
“The Fed is going to say the economy is in relatively sluggish state and that they stand ready to do whatever is needed in order to make sure that we don’t fall back into recession,” Michael Mullaney, who helps manage $9.5 billion at Fiduciary Trust in Boston, said in a telephone interview. “The market wants to do better. The only thing that’s holding back the market is obviously the daily news coming out of Europe.”
Stock-futures rose even after a report showed that retail sales rose in November at the slowest pace in five months. The Federal Reserve will probably revise its pledge to keep interest rates close to zero through mid-2013 as the need for large scale asset purchases diminishes, according to economists in a Bloomberg News survey.
American equities joined a global selloff yesterday as Moody’s Investors Service and Fitch Ratings said last week’s summit did little to ease pressure on Europe’s struggling governments and Intel Corp. (INTC) cut its revenue forecast. Today, European stocks advanced after German investor confidence unexpectedly increased and Spain sold 4.94 billion euros ($6.5 billion) of bills, more than the maximum target. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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