Market update: The US Fed begins its two-day monetary policy meeting

US stocks closed slightly lower yesterday with the Dow down 0.1% and the S&P 500 0.2% lower. US equity markets were relatively unchanged despite stronger-than-expected durable goods data. Shares in Yahoo rallied 3.3% in after-hours trading, after the internet group’s quarterly earnings beat estimates on revenues and profits.

In early morning trading the FTSE 100 is up 0.1% while the FTSE Eurofirst 300 is flat. The FTSE 100 has managed to hold above the 6,300-point mark it last reached in May 2008. Shares in Anglo American rose 2% despite news of a $4bn writedown on its Brazilian iron ore operation. Elsewhere, investors await the outcome of the US Federal Reserve’s two-day monetary policy meeting which starts today.