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BUSINESS Thursday 20 december 2018
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US stocks rise before Federal Reserve meeting; oil rebounds

By MARLEY JAY Chief Marketing Officer
NEW YORK (AP) — U.S. Rajesh Subramanian said in
stocks are climbing a conference call with in-
Wednesday morning as vestors. FedEx stock lost 9.2
a modest recovery in oil percent to $168.03 and ri-
prices pulls energy compa- val UPS skidded 1.3 percent
nies slightly higher following to $96.04. FedEx has tum-
huge losses a day earlier. bled by about 33 percent
Markets were relatively qui- this year, and UPS is down
et as the Federal Reserve 19 percent.
wraps up its last meeting ENERGY: Oil prices bounced
of the year. Investors ex- back slightly after plunging
pect the Fed to raise inter- on worries about rising sup-
est rates again, and are plies and weakening global
looking for details about its growth, which could weigh
plans for 2019 amid signs on demand. Benchmark
the global economy is U.S. crude climbed 1.9 per-
slowing down. cent to $47.12 a barrel in
KEEPING SCORE: The S&P New York. It dropped 7 per-
500 index rose 16 points, or cent Tuesday and closed
0.7 percent, to 2,562 as of at a 16-month low, and has
10 a.m. Eastern time. The fallen almost 40 percent
Dow Jones Industrial Aver- since Oct. 3. Brent crude,
age added 131 points, or Stock traders work at the New York Stock Exchange, Wednesday, Dec. 19, 2018. used to price international
0.6 percent, to 23,806. The Associated Press oils, was up 1.3 percent to
Nasdaq composite gained $56.97 a barrel in London.
57 points, or 0.9 percent, U.S. and China, that could mithKline and Pfizer said posted a smaller profit than EUROPE: European stocks
to 6,841. The Russell 2000 be cause for optimism. they will combine their con- analysts expected and rose after Italy's govern-
index, made up of smaller- The Fed's rates help set sumer product businesses, said it will cut spending and ment reached an agree-
company stocks, picked lending rates around the bringing Pfizer's Advil pain offer buyouts to some work- ment with the European
up 8 points, or 0.6 percent, U.S., and higher rates tend medicine and Centrum ers to help make up for the Commission on its budget
to 1,385. to slow down econom- supplements together with shaky results. plans. That avoids a legal
FED FOCUS: The Fed will like- ic growth because they Glaxo's Sensodyne tooth- "The peak for global eco- dispute over the govern-
ly raise its short-term interest make it more expensive for paste. The companies said nomic growth now ap- ment's plan to ramp up
rate another quarter-point, businesses and consumers its combined sales will be pears to be behind us," spending. q
to a range of 2.25 percent to borrow money. The Fed's more than $12 billion. Glax-
to 2.5 percent. The central actions are part of a trend oSmithKline of Britian will
bank has forecast three around the world, as other own two-thirds of the com-
more hikes in 2019, but with major central banks are bined company. Its stock
investors worried about either reducing their eco- jumped 3.8 percent to
slowing economic growth nomic stimulus plans or rais- $38.49 while Pfizer slipped
and the financial markets ing rates. The global econ- 0.4 percent to $42.22.
slumping, experts expect omy is already forecast LOST IN THE MAIL: FedEx
the Fed to predict a slower to slow down in 2019 and said international shipping,
path of increases next year. investors are getting ner- especially in Europe, fell in
For stock markets, battered vous rising rates will make it its latest quarter, while the
recently by a series of con- worse. U.S.-China trade dispute is
cerns related to mounting MEDICINE CABINET MERG- also affecting its business.
trade tensions between the ER: Drugmakers GlaxoS- The shipping company