Wall Street muted as investors look to Fed after stocks recovery
Business
Wall Street muted as investors look to Fed after stocks recovery
(Reuters) - Global shares idled on Wednesday after a lengthy rebound propelled them towards recent record highs, and as investors awaited clues on interest-rate cuts from the Federal Reserve on Friday to decide their next move.
Oil was steady after a run of declines driven by expectations of reduced Chinese demand, while dollar weakness on the prospect of rate cuts kept gold near Tuesday's record high.
The MSCI All Country index for global stocks (.MIWD00000PUS), opens new tab was little changed, still near its mid-July record high and up 13.5% for the year.
In Europe, the STOXX (.STOXX), opens new tab index of 600 companies was up 0.27%, nearing its all-time high reached on June 7.
Stocks have been on a roller-coaster ride this month after investors took fright following US jobs data that raised the prospect of recession in the world's biggest economy.
Those worries have given way to bets on a soft landing cushioned by cuts in US borrowing costs expected to start in September.
US employers added far fewer jobs than originally reported in the year through March, the Labor Department said on Wednesday, underscoring the growing concerns the Federal Reserve has about the health of the labor market as it gears up to start cutting interest rates in September.
