“U.S. stocks were poised to open higher Wednesday, as Wall Street cheered a number of Republican election wins ahead of the Federal Reserve’s latest policy meeting decision,” CNNMoney reports. “Less than an hour before the open, S&P 500, Nasdaq-100 and Dow Jones industrial average futures were higher.”
“Wall Street ended a volatile day mixed on Tuesday as investors digested rising commodity prices and Warren Buffett’s buyout of railroad Burlington Northern Santa Fe,” CNNMoney reports. “But positive market momentum appeared as investors were encouraged by several Republicans victories, including the governor races in both New Jersey and Virginia.”
CNNMoney reports, “More broadly, the wins reflect a sharp rebuke by Americans of current policies in Washington, including massive spending programs that have helped grow the federal deficit. ‘The election results suggest that perhaps the referendum of the Democratic Party, more specifically President Obama, is being challenged in the marketplace,’ said Mark Luschini, chief investment strategist at Janney Montgomery Scott.”
“Still, much of Wednesday’s focus was on the outcome of the Federal Reserve’s two-day policy meeting, set to conclude Wednesday afternoon,” CNNMoney reports. “Investors have been nervous about the economic recovery recently and have been anxiously awaiting some guidance from the central bank about how it plans to remove billions of dollars in stimulus funds it has poured into the economy in the wake of the financial crisis.”
CNNMoney reports, “Investors will be looking for clues in the Fed statement, which is due to be released at 2:15 pm ET. The central bank is widely expected to hold the fed funds rate, a key overnight bank lending rate, at historic lows near 0%.”
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MacDailyNews Note: In early trading, shares of Apple Inc. (AAPL) are up $2.605, or 1.38%, to $191.355.