(MENAFN– ecpulse)
U.S. shares fluctuated throughout the closing session trading after China said it would expand economic freedoms, after that the Dow Jones Industrial Average rose above 16,000 for the first time, spurring concern that equities have risen above expectations and at a fast scale.
China pledged to let more private investment in state-controlled industries and enlarge farmers’ land rights as part of economic reforms package.
Later in the day, New York Federal Reserve Bank President William C. Dudley and Philadelphia Fed Bank President Charles Plosser are scheduled to speak.
Still, the focus is on announcements by Fed officials as investors are keen to know when the Fed would start unwinding stimulus.
Janet Yellen, President Barack Obama`s nominee to succeed Ben Bernanke as Fed Chairman, said last week she will continue to use monthly bond purchases to beef up the economy until unemployment retreats from the current 7.3 percent.
Yellen said she does not see “bubble-like conditions,” downplaying concerns that the ultra-low interest rate and wide money printing could flam asset prices.
Meanwhile, there are more expectations that Fed stimulus taper may not start before March next year.
As of 16:15 EST, Dow Jones rose 0.09% to 15976.00 points, and NASDAQ slipped 0.93% to 3949.07 points.
Standard and Poor’s fell by 0.37% to reach 1791.53 points as of 16:15 EST
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