Wall Street Opens Mixed as Consolidation Continues; Dow up 55 Pts By Investing.com

© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets opened mixed in narrow ranges on Wednesday, as the consolidation that set in after Monday’s surge to record highs continued. 

Abundant liquidity and an improving economic outlook – underlined by the International Monetary Fund’s upward revision of its U.S. growth forecast on Tuesday – are keeping sentiment positive, with only concerns about valuations acting as a restraint. Measured on a price-sales ratio, the is currently over 10% more expensive than it had ever been before the pandemic. 

By 9:45 AM ET (1345 GMT), the was up 55 points, or 0.2%, at 33,486 points. The S&P 500 was up 0.1% but the was down 0.1%. 

The highlight of the day doesn’t come until the second half of the session, with the Federal Reserve releasing the of its last policy meeting at 2 PM ET.

Ahead of that, Robert Kaplan – one of very few top officials at the Fed to see a rate hike as necessary already by the end of next year – told The Wall Street Journal that he’s than the IMF about growth, seeing GDP expansion of 6.5% this year and the jobless rate falling to 4%.

Even so, Kaplan warned that the economy is “not yet out of the woods” and added it’s too soon to talk of withdrawing monetary stimulus.

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