Markets Right Now: Stocks wobble after Fed, but close higher

Bloomberg News     
       The Bank of Japan is expected to make no changes Thursday

Oil service stocks moved sharply higher over the course of the trading day, driving the Philadelphia Oil Service Index up by 1.8%. Wells Fargo & Co. rose 65 cents, or 1.2 percent, to $53.36.

Among stocks, Tesla was down 1.35 percent in premarket trading after Jefferies started coverage of the electric auto maker's stock with "underperform". Kraft Heinz fell 1.2 percent.

The Nasdaq dropped to a close of 6,456.04, losing 5.28 on the day, while the S&P 500 edged up 1.58 to finish the session at 2,508.23. The Dow Jones industrials added 41 points, or 0.2 percent, to 22,412. Shares of smaller wireless carrier T-Mobile TMUS.O rose 5.9 percent and Sprint S.N jumped 6.8 percent, following a report they were in active merger talks.

High-dividend stocks like household goods makers and utilities fell the most Wednesday afternoon. "That does have an impact on the bond market, and you see the bond market going slightly higher here over the last two days".

Kraft Heinz fell 1.8 percent and NRG Energy lost 1.5 percent.

While it is tipped to keep borrowing costs on hold, the bank's plans for cutting back crisis-era bond-buying stimulus and any signals for the future of interest rates will be pored over. The euro was 0.1 percent higher at $1.1961. The yield on the 10-year Treasury note rose to 2.28 percent.

Equities in the United States rose on Monday, with financial stocks among the top gainers as investors looked ahead to the start of the Federal Reserve's monetary policy committee meeting on Tuesday.

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Individual companies also shaped markets on Wednesday. Johnson Controls rose 3 percent and American Airlines rose 2.3 percent.

Most of the major sectors are showing only modest moves on the day, although strength is visible among telecom and brokerage stocks. Technology companies also helped lift the market.

Bed Bath & Beyond sank more than 16% after the home furnishing retailer reported earnings and sales below estimates, prompting a slew of price target cuts.

The Standard & Poor's 500 index was up a fraction of a point at 2,507.

At the close of trading in NY, the Dow Jones Industrial Average added 63.01 points, or 0.3%, to 22,331.35, its fifth consecutive high and the 40th this year.

Wall Street stocks posted sharp gains last week.

Pfizer was among the Dow's top gainers, adding 1.5%, after the firm said it had filed a lawsuit against Johnson & Johnson, accusing it of anti-competitive behaviour aimed at defending its rheumatoid arthritis drug Remicade. While the German DAX Index is just below the unchanged line, the French CAC 40 Index and the UK's FTSE 100 Index are up by 0.2% and 0.4%, respectively. Australia's S&P/ASX 200 fell 0.1 percent.

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