While you were sleeping.. U.S. Stocks extend gains after Fed - TopicsExpress

While you were sleeping.. U.S. Stocks extend gains after Fed minutes. Fed says its on track for an October end to bond buys. The Dow Jones Industrial Average added 86 points to 16,992 in late-afternoon trading. The S&P 500 index rose 9 points to 1,969. The Nasdaq Composite Index gained 26 points to 4,417. Alcoa added 5.5 per cent, leading the S&P 500, after reporting better-than-expected quarterly profit and revenue late Tuesday. The aluminium companys report marked the unofficial kickoff of earnings season. Citigroup is nearing a deal with the Justice Department to pay about $US7 billion to settle allegations it sold shoddy mortgages. Londons benchmark FTSE 100 index lost 20 points to 6718 points. Frankfurts DAX 30 was up 36 points to 9808.67, while the CAC 40 in Paris rose 17 points to 4,360. Today, investors focused on the absence of any clear signal on rate increases. The market had expected the central bank to stop bond purchases by year-end, so the announcement of the October end date was no surprise. Fed officials also discussed paying banks more to hold excess reserves with the central bank, saying this strategy should play a central role during the normalization process. This is a bullish sign for gold traders as it indicated that theyre not going to move rates up as quickly as expected, says one market participant. A $13 billion sale of US 30-year bonds is due at 1 p.m. Thursday, which will wrap up this weeks $61 billion in new Treasury notes and bonds supply. The Greek government is seeking to borrow at least €500 million (USD $680 million) for three-years, with bankers working on the deal suggesting the bond should yield between 3.5% and 3.625%. The WSJ reported today that investors in Asia searching for higher yields have returned to one of the riskiest types of debt—perpetual bonds—raising worries of a frothy bond market. Sales of perpetual bonds—corporate debt with high interest rates and no maturity date—totalled $5.3 billion in the second quarter, according to data provider Dealogic. That was nearly double the amount in the first quarter and the highest level since the first quarter of last year.

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