US STOCKS-S&P nears record as Fed support boosts Wall Street
(Updates to morning trading)
By Rodrigo Campos
NEW YORK, Sept 18 (Reuters) - U.S. stocks were higher in morning trading on Thursday, with the S&P 500 brushing against resistance at a record peak, a day after the U.S. Federal Reserve renewed its commitment to keeping interest rates low.
The Fed said Wednesday at the conclusion of a two-day policy meeting it would keep interest rates near zero for a "considerable time," language supportive of equities which had been expected by some to be dropped from the statement.
The Dow industrials closed Wednesday at a record high with the S&P coming within a point of its intraday record.
"The Dow made an all-time high and then pulled back which is typical of the way the market has been making new records, and that's likely to be the case with the S&P 500," said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.
"Today the S&P could make a nominal (intraday) new high, though I don't think it is important that it closes at a record."
The Dow Jones industrial average was rising 58.22 points, or 0.34 percent, to 17,215.07, the S&P 500 was gaining 6.13 points, or 0.31 percent, to 2,007.7 and the Nasdaq Composite was adding 19.01 points, or 0.42 percent, to 4,581.20.
The largest percentage gainer on the New York Stock Exchange was Penn West Petroleum, up 11.54 percent, while the largest decliner was Pier 1 Imports, down 17.57 percent a day after it slashed its full-year earnings forecast. Continuación...