U.S. stocks rose amid deal activity among beer brewers and a rally in energy shares, as Federal Reserve policy makers hold a two-day meeting to decide whether to lift interest rates for the first time since 2006.
Molson Coors Brewing Co. jumped 13 percent to a record after Anheuser-Busch InBev NV said it intends to make a bid for Molson’s joint-venture partner SABMiller Plc. Chevron Corp. and Exxon Mobil Corp. advanced more than 1.9 percent as oil climbed for a second day. Hewlett-Packard Co. gained 5.1 percent amid its plans to cut about 30,000 jobs. FedEx Corp. lost 3.9 percent after cutting its 2016 profit forecast.
The Standard & Poor’s 500 Index rose 0.7 percent to 1,991.94 at 12:24 p.m. in New York, after surging 1.3 percent Tuesday. The Dow Jones Industrial Average added 98.45 points, or 0.6 percent, to 16,698.30. The Nasdaq Composite Index gained 0.4 percent. Trading in S&P 500 companies was 12 percent below the 30-day average for this time of day.
Data today showed prices paid by American households declined in August as cheaper gasoline helped keep inflation below the objective of Fed policy makers. The consumer-price index dropped 0.1 percent, the first decline since January. The so-called core measure, which strips out often-volatile fuel and food costs, rose 0.1 percent for a second month.
Source : Bloomberg