CORRECTED-US STOCKS-Wall Street climbs after Fed signals potential rate cuts

Reuters

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 (In third paragraph, corrects month to June, not May)
    * Dow up 0.34%, S&P up 0.37%, Nasdaq up 0.42%

    By Noel Randewich
    June 19 (Reuters) - Wall Street rose on Wednesday after the
Federal Reserve held interest rates steady, as expected, and
signaled potential cuts later this year.
    Saying it "will act as appropriate to sustain" economic
expansion, the central bank signaled rate cuts of as much as
half a percentage point over the remainder of 2019.  urn:newsml:reuters.com:*:nW1N22I01T
    Buoyed by growing confidence the Fed will cut rates, and by
hopes of an end to the U.S.-China trade war, U.S. stocks have
climbed in recent weeks. The S&P 500  .SPX  has gained about 6%
in June and is about 1% away from its record high close set in
April.
    The financial sector  .SPSY  was up 0.1%, with bank stocks
 .SPXBK  dipping 0.1%.
    All three major indexes rose following the announcement.
    At 2:05 p.m. ET the Dow Jones Industrial Average  .DJI  was
up 0.34% at 26,555.01 points, while the S&P 500 was up 0.37% at
2,928.48.
    The Nasdaq Composite  .IXIC  was up 0.42% at about 7,985. 
    The healthcare sector  .SPXHC  rose 0.8%, helped by gains in
UnitedHealth Group Inc  UNH.N , Pfizer Inc  PFE.N  and Allergan
Plc  AGN.N . 
    Allergan jumped 5.8% after the drugmaker said its
constipation drug, jointly developed with Ironwood
Pharmaceuticals Inc  IRWD.O , improved symptoms in patients
suffering from irritable bowel syndrome with constipation.
 urn:newsml:reuters.com:*:nL4N23Q2MI       
    Adobe Inc  ADBE.O  surged 5.0% after the Photoshop software
provider beat analysts' estimates for quarterly profit and
revenue.  urn:newsml:reuters.com:*:nL4N23P40C 

 (Additional reporting by Shreyashi Sanyal and Aparajita Saxena
in Bengaluru
Editing by Alistair Bell)
 ((noel.randewich@tr.com; Twitter handle: @randewich  (415) 677
2542; Reuters Messaging:
noel.randewich.thomsonreuters.com@reuters.net))

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