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

Reuters

Warning: This material has been prepared by a third party company, Reuters, which is independent of Davy. Davy has not reviewed the material and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. It does not constitute investment advice.

 (For a live blog on the U.S. stock market, click  LIVE/  or
type LIVE/ in a news window)
    * Fed holds rates steady, signals potential cuts this year
    * Adobe buoys S&P 500 after strong quarterly results 
    * Dow up 0.13%, S&P up 0.11%, Nasdaq flat

 (Updates with afternoon trade after Fed announcement)
    By Noel Randewich
    June 19 (Reuters) - Wall Street rose on Wednesday after the
Federal Reserve held interest rates steady and signaled
potential cuts later this year, reassuring investors worried
that the U.S.-China trade war could stall economic growth. 
    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
    "We think the Fed delivered. It did no harm. It walked right
up to a cut without doing it today. It'll likely be coming in
July absent some big trade news or other news," said John
Augustine, chief investment officer at Huntington Bank in
Columbus, Ohio.
    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  dipped 0.1%, with bank stocks
 .SPXBK  dipping 0.5%.
    At 2:43 p.m. ET, the Dow Jones Industrial Average  .DJI  was
up 0.13% at 26,499.78 points, while the S&P 500 was up 0.11% at
2,921.06.
    The Nasdaq Composite  .IXIC  was flat at 7,953.98. 
    Contributing more than any other stock to the S&P 500's
advance, Adobe Inc  ADBE.O  surged 4.5% after the Photoshop
software provider beat analysts' estimates for quarterly profit
and revenue.  urn:newsml:reuters.com:*:nL4N23P40C
    Weighing most on the S&P 500 was Facebook, down 1.5%, as its
ambitious plan to launch a digital currency faced a backlash
from regulators and politicians in the United States and abroad.
 urn:newsml:reuters.com:*:nL2N23P06G
    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 5.7% 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 
    Advancing issues outnumbered declining ones on the NYSE by a
1.31-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored advancers.
    The S&P 500 posted 30 new 52-week highs and 2 new lows; the
Nasdaq Composite recorded 49 new highs and 55 new lows.

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

Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.