Wall Street rises as oil worries fade
- Wall Street ended higher on Tuesday as the impact of weekend attacks on Saudi Arabia’s biggest oil refinery faded and investors awaited a widely expected Fed interest rate cut on Wednesday.
“People were thinking it would be months until we got that production back on line, and now it seems more like weeks. Putting that production back on line alleviates the risk of a higher disruption,” said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta. Investors will also wait for clues on how far the U.S. monetary policy easing would go, given that Fed policymakers are deeply divided on whether more rate cuts are warranted.
“Its going to be difficult for them to signal an extremely dovish tone, given they are already half divided at this point,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, in Charlotte, North Carolina.
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