US stocks end higher

The Nasdaq composite fell 48.85 points, or 1 percent, to 5,039.78. The S&P 500 ended steady at 2,109, while the Nasdaq Composite Index rose 17 points, or 0.3 per cent, to 5,129.

The market on Wednesday closed higher.

“Dealers have a short-term mind-set, and as soon as they heard nothing to warrant an interest rate hike in the immediate future they jumped on the bandwagon, but it was short lived, and the statement wasn’t so dovish it would justify fresh buying today”, he added. The index declined in four of the last five weeks, and had lost 2.9% in the five sessions ending Monday as a Chinese equities rout spurred concern about the nation’s economic growth and some corporate earnings disappointed. However, rates were indeed expected to remain steady this week as it has been hovering at around zero for almost a decade.

Peabody Energy Corp shares closed up 14.15% despite worse than expected second quarter results, followed by home improvement manufacturer Masco (Berlin: 950004.BE – news), which lifted second quarter revenues by 3% to 1.9bn, and said revenue would have been up by 7% for not for currency translation.

The Dow is down 192.80 points, or 1.1 percent. Bond yields move in the opposite direction of prices. The oil company reported a sharp fall in second-quarter profit and said it would cut 6,500 jobs, illustrating the strain that sustained low oil prices are putting on large producers.

Gold dipped 0.27% to $1,090 a troy ounce.

“Earnings pretty much dictate the value of the market over time, so when you have a day of weak results, it can really affect trading”, said Kevin Caron, a market strategist and portfolio manager who helps oversee $170 billion at Stifel Nicolaus & Co.in Florham Park, New Jersey.

Elsewhere in the world, Fed-fueled enthusiasm also failed to continue boosting global markets. Economists have put the chance of a September increase at 50%.

In Europe, shares in Royal Bank of Scotland GroupRBS 0.36 % PLC rose sharply after the lender reported a rise in second-quarter net profit.

“Traders have no solid reason to buy into the market”, said David Madden, an analyst at brokerage IG.