Stocks rose modestly Tuesday as investors refrained from making big moves ahead of the conclusion of the Federal Reserve's two-day policy meeting. Fred Katayama reports.
Investors played it cautiously Tuesday, refraining from big moves as Federal Reserve policy makers began a two-day meeting. The Dow, S&P 500 and Nasdaq managed to post record closes. Jeff Tomasulo of Vespula Capital SOUNDBITE: JEFF TOMASULO, CEO, VESPULA CAPITAL, (ENGLISH) SAYING: "I think they're just waiting. And then again, they're waiting for the Fed to see what the policy's going to be over for the next 18 to 24 months." Also weighing on the Dow: Nike. Two brokerage analysts cut their price targets on the athletic footwear maker, citing intensifying competition from German rival Adidas. Best Buy shares dropped after the U.S.' largest electronics retailer issued a disappointing earnings forecast. Tesla shares slipped. Jefferies began its coverage of the electric car maker with an "underperform" rating. Sprint and T-Mobile shares rose. CNBC reports the two wireless carriers are in merger talks. Mixed economic data. U.S. housing starts fell for a second straight month in August, but building permits rose to a seven month high. Separately, import prices jumped in August. In Europe, markets inched higher, led by energy and utility shares.