As the Federal Open Market Committee (FOMC) meeting began its two-day schedule, expectations for a U.S.-China summit grew, and major New York stock indexes opened higher in tandem.
As of 9:45 a.m. on the 28th (local time) at the New York Stock Exchange, the Dow Jones Industrial Average rose 212.92 points (0.45%) from the previous session to 47,757.51.
The Standard & Poor's (S&P) 500 rose 3.36 points (0.05%) to 6,878.52, and the Nasdaq composite gained 86.06 points (0.36%) to 23,723.52.
Markets see a high likelihood that the benchmark interest rate will be cut by 25 bp (0.25%) at this FOMC meeting. Accordingly, expectations that liquidity could expand are seen as driving the stock market higher.
Optimism over trade talks spreading ahead of the U.S.-China summit is also said to be leading the market higher. The United States and China finalized a summit schedule for the 30th on the sidelines of the Asia-Pacific Economic Cooperation (APEC) leaders' meeting in Gyeongju. President Trump said at a welcome event and dinner for corporations held in Japan that day, "Honestly, I think it will go very well."
Earnings at major U.S. corporations also remained strong. According to financial information firm FactSet, about one-third of corporations in the S&P 500 have reported third-quarter results so far. Of these, 83% beat market expectations.