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3/15/2016, 9:34 PM (Source: TeleTrader)
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Wall Street closes mixed ahead of Fed

U.S. markets ended mixed on Tuesday ahead of the Federal Reserve’s (Fed’s) decision on Wednesday. European markets closed down, oil dropped over 2%.

The Dow Jones ended 0.13% higher at 17,251 points, led by Apple. The tech giant jumped 2.01% to $104.58. The index gained 8% in the last month.

The Nasdaq 100 declined by 0.01% to 4,367 points, while the S&P 500 went down by 0.18% to 2,015 points. The worst performer on both indexes was the pharmaceutical company Endo International that plunged 22.60% to $32.57.

Oil prices continued to fall on glut concerns. Although a meeting of representatives of at least 14 most important nations in the market may be held in the first half of April to discuss the coordinated output freeze, Iran did not intend to take part until it reached production levels of 4 million barrels a day. Russian energy minister Alexander Novak yesterday supported Iran’s stance.

Brent crude for May delivery fell 2.44% to $38.76 per barrel while WTI oil for April delivery dropped 2.54% to $36.43 per barrel.

U.S. dollar slid 0.04% against the euro to 0.9001 and lost 0.60% against the yen to 113.14, but gained 0.99% against the British pound to 0.7063 (all 9:29 p.m. CET).

Markets do not expect the Fed to make any changes to its monetary policy tomorrow. Based on fed fund futures prices, markets have assigned a 0% probability of rate hike in March.  

Image: © Getty Images (18069513)

Baha Breaking News (BBN) / AM