Posted: Sep 12, 2012 8:35 AM by KPAX News Staff
Updated: Sep 12, 2012 8:27 AM
Federal Reserve officials are gathering in Washington, DC for a two day meeting, with many expecting the central bank to announce new steps to revive the sluggish economy.
Moves are expected after the government reported last week that U.S. employers added fewer than 100,000 jobs in August. That report also showed more people gave up looking for work last month.
There's more disappointing jobs news with the U.S. Department of Labor saying employers posted fewer job openings in July than in June. And June's figures were revised downward.
The Dow Jones Industrial Average rose 69 points on Tuesday to close at its highest level in nearly five years. Meanwhile, the NASDAQ finished flat.
Investors are watching events in Europe as Germany's high court is expected to rule Wednesday on whether the country can participate in a European bailout fund.
U.S. House Speaker John Boehner says he's not confident Congress can reach a budget deal and avoid a downgrading of the U.S. debt rating. Moody's Investors Service says it will likely cut its rating on U.S. government debt by one notch if budget negotiations fail.
Wall Street and Main Street are waiting to hear from Apple. The company is expected to unveil the iPhone 5 and possibly a smaller iPad on Wednesday during an event in San Francisco.