U.S. Stocks Rally Ahead of Fed Meeting
The markets responded positively Tuesday to what might happen Thursday, when the Federal Reserve will decide whether to raise interest rates for the first time in nine years. The Dow jumped 229 points, while the S&P 500 and Nasdaq both posted more than 1% in gains.
Three stocks accounted for one-quarter of the Dow's rally Tuesday; Goldman Sachs, 3M and United Health.
Great news for motorists; gas prices fell 2.4 cents overnight, making the new national average $2.30 per regular gallon of gas.
Despite cheap gas, the electric car battle continues. Porsche took aim at Tesla; the luxury car maker unveiled its latest concept car, the Mission E, at the Frankfurt Auto Show. The all-electric sports sedan will blitz from 0 to 62 miles-per-hour in under 3.5 seconds. The company claims the Mission E can reach an 80% charge in just 15 minutes.
Wednesday is the start of the two-day Fed meeting, which will be followed by the announcement and news conference on Thursday.