The stock market gets off to a strong start ahead of the FOMC policy
announcement at 2:15 ET. The Fed is expected to leave the fed funds
rate unchanged at 2.00%, but the wording of the directive will have a
market-moving impact.
Giving stocks a boost is a 1.3% drop in crude prices to $119.80 per
barrel, although prices have recovered from a loss of as much as 2.8%.
Meanwhile, European markets are rallying, lifted by bank stocks after
Societe Generale posted better-than-feared earnings. London's FTSE is
up 2.0%, Germany's DAX is up 2.4% and France's CAC is up 1.6%.
In earnings news, Procter & Gamble (PG 66.58, +0.76) topped
estimates, while Archer Daniels Midland (ADM 27.31, -0.09), Molson
Coors Brewing Company (TAP 47.98, -6.45) and MGM Mirage (MGM 32.70,
+1.70) fell short of expectations.