Morning Business Report: Stocks rise as consumer confidence rebounds and UPS raises revenue forecast
U.S. stocks posted gains Tuesday, with the Nasdaq leading the major indexes as investors awaited the Federal Reserve's latest interest rate decision.
(LILAMAX)- U.S. stocks posted gains Tuesday, with the Nasdaq leading the major indexes as investors awaited the Federal Reserve’s latest interest rate decision.
The Nasdaq climbed 378 points during trading. The Federal Reserve is expected to hold interest rates steady when its two-day policy meeting concludes Wednesday.
Meanwhile, a new report shows consumer confidence rebounded sharply in October, rising 7.5 points after falling to a 10-year low in September.
The improvement suggests Americans are feeling more optimistic about employment opportunities, business conditions and their household finances.
Despite the rebound, economists continue to expect inflation to remain elevated over the next year.
In shipping news, UPS says it expects to generate more revenue while delivering fewer packages this holiday season.
The company raised its revenue forecast following stronger-than-expected earnings.
UPS is focusing on higher-paying shipments, reducing lower-profit deliveries for Amazon and cutting expenses to improve profitability.
The strategy reflects the company’s efforts to prioritize more profitable business rather than overall shipping volume.
A new survey also reveals how concerns about home security can affect Americans’ vacations.
Research conducted by Talker Research for SimpliSafe found that nearly two-thirds of homeowners question whether they properly secured their homes after leaving.
For 39% of respondents, those concerns begin before they have even left their driveways.
The survey found homeowners mentally check on their properties or use security apps an average of four times per day while away.
One in five respondents said worrying about their homes prevents them from fully relaxing during vacation.
The findings suggest that concerns about locks, appliances and home security remain common sources of stress for travelers.
