Stocks Opened Slightly Higher amid Central Bank Stimulus Hopes
- Monday, September 9, 2019, 9:58
- Stock Market
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U.S. stocks opened slightly higher on Monday as investors hoped global central banks would unleash further stimulus. The Dow Jones Industrial Average lately climbed 25.06 points, or 0.09%, to 26,822.52. The S&P 500 rose 5.27 points, or 0.18%, to 2,983.98. The Nasdaq Composite gained 15.79 points, or 0.19%, to 8,118.86.
Oil futures rose Monday after Saudi Arabia’s new energy minister signaled a continued commitment to production curbs. West Texas Intermediate crude for October delivery rose 30 cents, or 0.5%, to $56.82 a barrel, while November Brent crude was up 22 cents, or 0.4%, to $61.66 a barrel.
Investors are hoping for easier-money policy from the Fed, which convenes a two-day policy meeting Sept.17-18 and is expected to slash rates by a quarter-of-a-percentage point. Before that, the European Central Bank is expected to roll out stimulus plans on Thursday.
Wells Fargo forecast a bigger-than-expected drop in 2019 net interest income on Monday, largely due to lower interest rates. The U.S. lender expects net interest income to fall 6%, compared with its earlier expectations of an about 5% drop.
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