Investors Were Optimistic Ahead of the Fed’s Decision

Wall Street continued to climb during yesterday’s session, boosted by better than expected data and inclining commodity prices. Even though the start of the session was characterized by high volatility, the major indices found support just off their open and climbed throughout the trading day. The S&P500 finished the session, with a 0.66% gain, while the Nasdaq closed higher by 0.39%.

Economic data also had an influence on the trading day as home prices rose by a seasonally adjusted 0.3% in July. One must note that even though the figure was under expectations it still had a positive effect on the trading day climbing compared to June’s figure. June’s price increase was revised lower to a 0.1% gain, down from 0.5% previously reported. In addition, the Richmond Manufacturing index came out lower than expected but showed a no change situation, compared to its previous result.

Bank of America also grabbed the spot light yesterday, failing to stand up to the government’s deadline, regarding providing information about its Merrill Lynch & Co buy out. According to the SEC the bank broke securities laws by failing to disclose complete and accurate information about the bonuses paid to Merrill Lynch’s employees.

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