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Dow touches record ahead of Fed vote

Tuesday, September 16, 2014 - 02:10

Summary: Dow hits lifetime peak on hopes Federal Reserve will not alter policy; Apple falls on China iPhone 6 launch doubts; Majority of Americans don't know what Alibaba is; UPS boosts holiday hiring plans. Conway G. Gittens reports.

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The Dow touches an all-time high as Wall Street bets the Federal Reserve will keep up its easy-as-it goes monetary policy when it wraps up a two-day meeting on Wednesday. Wholesale inflation - flat in August and that gives the Fed room to not be in a rush to raise rates. Maria Fiorini Ramirez of MFR Inc: SOUNDBITE: MARIA FIORINI RAMIREZ, CEO, MFR INC. (ENGLISH) SAYING: "There is really no justification for increasing rates - yet. The economy is mixed at best, not very strong and ultimately that's really what's going to drive interest rates moving higher." Stocks enjoyed their biggest gains in a nearly month with energy leading the way. But the Dow trailed at the end and didn't set a closing high. Apple was left out of the party. Reports out of China suggest not only will the iPhone 6 not go on sale there on Friday, as in the rest of the world, but China may not see the new devices until next year. China has been a major source of revenue growth for Apple. Shares of the technology giant fell back by less than one percent. Sticking with technology, Alibaba has a problem. A new survey shows 88 percent of Americans don't even know what Alibaba is. The Chinese e-commerce company is looking to become a global Internet retail powerhouse and could launch the world's biggest IPO later this week. UPS is looking to avoid what happened last year, when holiday packages didn't arrive in time. So it is planning to hire up to 95,000 seasonal workers to handle the increased activity. UPS typically hires only about 55,000 for that time of year. New worries an ailing American icon is in deeper trouble. Sears Holdings getting a $400 million short-term loan from the hedge fund run by its CEO Eddie Lampert. Shares of the parent of Sears and Kmart losing almost one-tenth of their value. Nervousness in Europe as a Scotland independence vote moves closer and closer. European markets ended all in the red.

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Dow touches record ahead of Fed vote

Tuesday, September 16, 2014 - 02:10