I started serious Investing Journey in Jan 2000 to create wealth through long-term investing and short-term trading; but as from April 2013 my Journey in Investing has changed to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

Since 2017 after retiring from full-time job as employee; I am moving towards Investing Nirvana - Freehold Investment Income for Life investing strategy where 100% of investment income from portfolio investment is cashed out to support household expenses i.e. not a single cent of re-investing!

It is 57% (2017 to Aug 2022) to the Land of Investing Nirvana - Freehold Income for Life!


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"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

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Wednesday 18 September 2013

Wall Street climbs on expectations for modest Fed taper

NEW YORK (Reuters) - U.S. stocks advanced on Tuesday on expectations the Federal Reserve will make only moderate changes to its stimulus that has been highly supportive of stocks and other assets at the conclusion of its two-day meeting.

The policy-setting Federal Open Market Committee began meeting on Tuesday to discuss whether to trim its bond purchases, or quantitative easing. Many investors expect Fed chairman Ben Bernanke will announce a scale-back of purchases by $10 billion a month to $75 billion, while keeping rates close to zero.

"The ($10 billion) appears to be what investors are looking for, as long as the taper is not bigger than people were expecting the market will react positively," said Paul Mangus, head of equity research and strategy at Wells Fargo Private Bank in Charlotte, North Carolina.

"The Fed is very aware of how they believe investors will react. They've been very skillful about trying to manage expectations."

A statement with the FOMC's decision will be released on Wednesday afternoon, followed by a Bernanke news conference.

The Dow Jones industrial average (^DJI) rose 34.95 points or 0.23 percent, to 15,529.73, the S&P 500 (^GSPC) gained 7.16 points or 0.42 percent, to 1,704.76 and the Nasdaq Composite (^IXIC) added 27.853 points or 0.75 percent, to 3,745.699.

The S&P 500 closed above the key resistance level of 1,700 for the first to since August 5 and is 0.3 percent below its record high of 1,709.67.

U.S. consumer prices barely rose in August, but gains in rents and medical costs pointed to a stabilization in underlying inflation that could allow the Fed to scale back stimulus.

Adding to investor confidence, crude prices continued to fall as a deal averting a U.S.-led attack on Syria calmed fears of a Middle East oil supply disruption. (O/R)

Brent settled down 1.7 percent to $108.19 and is down 2.5 percent in the past two days. U.S. crude settled down 1.1 percent on the day at $105.42 a barrel.



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