Upbeat data, deals lift Wall St; traders keep eye on Fed
NEW YORK (REUTERS) - United States (US) stocks rose on Monday after closing on Friday their worst week since August as upbeat economic data from the United States and Europe boosted optimism ahead of a key Federal Reserve decision later in the week.
Investors have been trying to gauge when the US central bank will start winding down its market-friendly US$85 billion (S$106.6 billion) monthly bond purchases, with some expecting the Fed to announce a tapering in March.
Stronger economic data of late, including Monday's numbers showing US manufacturing output rose for a fourth straight month in November and last month's payroll report, led some to believe the tapering could come as soon as the Fed's meeting this week.
The Fed has said it will slow the programme when certain economic indicators meet its growth targets.