New Jersey Business Report
NEW YORK (AP) — Investors on Wall Street continue to play a guessing game as Federal Reserve policymakers prepare to take another look at interest rates starting today.
On Monday, the popular guess was that the central bank will continue trying to prop up the economy, and that sent stocks higher.
The major stock indexes all rose about 1 percent in early trading and stayed there for most of the day, before dipping slightly in the afternoon. The S&P 500 rose 12 points, or 0.8 percent, to 1,639. The Dow rose nearly 110 points to 15,180. The Nasdaq composite rose 28 and a-half to 3,452.
The market’s gains were broad, with telecommunications the only one of the 10 industry sectors in the S&P 500 to post a loss.
Trading was light, though, with the day more a holding pattern than a referendum.
TOKYO (AP) — Jitters over a possible change in U.S. stimulus efforts by the Federal Reserve helped pull share prices mostly lower in Asian trading today.Shares had climbed on growing expectations that the U.S. Federal Reserve will maintain its current policy stance when policymakers meet this week. But that optimism appears to be wavering.
Markets have gyrated in recent weeks on worries the Fed might choose to start cutting back on the volume of its financial asset purchases, which are intended to encourage spending and investment by helping to keep interest rates low.
Oil prices rose to near $98 per barrel. The dollar fell against the euro and the yen.
WASHINGTON (AP) — Federal Reserve policymakers begin a meeting to set interest rates. But it’s a two-day meeting, so there’s no statement of fresh economic forecast until tomorrow afternoon.There are two economic reports out this morning. The Labor Department releases its Consumer Price Index for May, and the Commerce Department releases data on housing starts in May.
Consumer prices were down 0.4 percent in April, and largely unchanged once fuel costs were factored out. Low inflation has allowed the Fed to continue its efforts to stimulate the economy.
Meanwhile, housing has been an increasingly bright spot for the economy in recent months. U.S. builders broke ground on few homes in April, but that was mostly due to a decline in apartment construction, which tends to vary sharply from month to month. At the same time, applications for new construction surged 14 percent — a good sign for future activity.
NEW JERSEY BUSINESS NEWS
TRENTON, N.J. (AP) — New Jersey lawmakers have approved a bill that would allow those in the country illegally to qualify for in-state tuition rates at state colleges and universities. If it becomes law, it would take effect this fall.
TRENTON, N.J. (AP) — A state Senate panel has unanimously approved a measure that aims to bolster New Jersey’s wine industry. The bill would create the New Jersey Wine Board and make it responsible for facilitating growth in the state’s wine industry through advertisements, research and education. The board also could take part in promoting revenue-producing activities such as growing grapes or producing wine.
NEWARK, N.J. (AP) — A passenger says a man who disrupted a flight from Hong Kong was ranting about national security and the CIA. Jacques Roizen of New York says the man aboard United Airlines Flight 116 heading to Newark Liberty Airport was clearly unstable and “very paranoid.” Roizen says he and other passengers and a flight attendant jumped on the man and subdued him.
ATLANTIC CITY, N.J. (AP) — Tourism officials are blaming the effects of Superstorm Sandy for a steep drop in visits to Atlantic City during the first four months of the year. According to the Press of Atlantic City, a new study from the South Jersey Transportation Authority finds there were far fewer passengers on planes and trains, and fewer casino buses and cars heading into town than in the same period in 2012.
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