Stocks Climb Higher in Volatile Session Ahead of Fed Decision

Barry Adams
03 May, 2022
New York City

U.S. stock market major indexes advanced slightly in a volatile session a day before a key policy meeting tomorrow. 

The Fed's policy committee is set to adjust rates and investors are anticipating explanatory comments discussing how far the central bank is willing to go in lifting rates and steps on the way. 

The S&P 500 index gained 0.5% to 4,175.26 and the Nasdaq Composite index rose 0.2% to 12,563.74. 

Trading session was volatile and indexes lacked direction as investors digested a latest batch of 580 company earnings released in two days. 

After the close, Airbnb, Akamai, AMD, Lyft, Starbucks and others are scheduled to release earnings. 

The number of available jobs and job resignations reached the highest levels in March since the record keeping began in December 2000.  

In Europe, the DAX index gained 0.7%, the CAC-40 index advanced 0.8%, and the FTSE 100 index increased 0.2%. 

The Bank of England is set to lift its key rate after a policy meeting on Thursday. 

Euro area jobless rate declined to a record low according to the latest data from Eurostat. 

 The seasonally adjusted unemployment rate declined to 6.8% in March from 6.9% in February and from 8.2% a year ago. 

The number of unemployed in the currency zone declined 76,000 from February to 11.28 million and fell 1.93 million a year ago. 

A separate report showed in March eurozone producer prices for durable goods rose 7.9% and non-durable goods rose 8.7%. 

 Asian markets closed mixed. Japan, India, and China markets were closed but indexes in Hong Kong and Australia gained.

After the local close, the Australian central bank also lifted its key cash rate to 0.35% from 0.1% and indicated future rate increases are likely.