Today's stock markets are trading higher ahead of the Ben Bernanke press conference scheduled for later this afternoon. The FOMC will conclude its two-day meeting and most traders and investors are expecting the Federal Reserve Bank to keep the pedal to the metal when it comes to printing money. Currently, the central bank has the fed funds interest rate at zero percent. The Fed are also buying $85 billion a month worth of mortgage backed securities and U.S. Treasury bonds. So market-movers will be listening closely to every word that Chairman Bernanke says to see if any change is in the offing.
The Transports
Earlier today, leading transportation stocks FedEx Corp. (FDX) reported earnings that were below estimates. The company also said that the quarter was challenging due to weakness in the international markets. This news could affect other transport equities such as United Parcel Service Inc. (UPS), iShares Dow Jones Transport. Avg. (ETF) (IYT), Ryder System, Inc. (R), J.B. Hunt Transport Services, Inc. (JBHT).
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