Banks lead stocks higher; cyclicals rally
The S&P financial sector index was the day's biggest gainer, up 0.9 percent, though all cyclical sectors, which are tied to the pace of economic growth, outperformed for the day. E*Trade Financial was the S&P 500's top gainer, up 7.7 percent at $22, while Charles Schwab Corp. climbed 5.5 percent to $27.30.
U.S. crude futures fell 0.5 percent to settle at $106.36 a barrel after President Barack Obama considered options for military action in response to a Sunni militant onslaught in Iraq. Market participants are closely monitoring the violence there, worried that it could lead to high oil prices for an extended period. Exxon Mobil Corp. fell 0.5 percent to $102.42.
The Fed began its two-day policy meeting at 10 a.m. as scheduled and is widely expected to conclude with another $10 billion cut of its monthly bond purchases. Investors are also focused on whether officials will tip their hand on longer-term plans for interest rates.
- How much more would prices have to rise before you'd consume less?
- I've already cut back
- More than 100%
- Total Votes: 63
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