US stocks mostly up ahead of Fed decision

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Wall Street stocks were mostly higher early Thursday, extending a post-election rally ahead of an expected Federal Reserve decision to cut interest rates.

After storming higher on Wednesday in the wake of Donald Trump’s election victory, the market’s gains moderated, with the Dow heading into negative territory.

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 43,689.41.

The broad-based S&P 500 rose 0.4 percent to 5,951.33, while the technology-rich Nasdaq Composite Index jumped 0.8 percent to 19,141.35.

The Fed is generally expected to cut interest rates by a quarter of a point. However, analysts believe the Fed may reconsider further rate cuts in light of Trump’s pro-growth agenda, which could boost inflation.

Earlier, the Bank of England cut borrowing costs by 25 basis points after UK inflation hit a three-year low and signaled more cuts, easing pressure on borrowers.

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