Wall Street shares lack direction ahead of rate decision

Wall Street shares appeared a little uncertain ahead of the key interest rate decision expected later. Investors are waiting to see what the Fed will do, and no doubt markets will spring in to life when a decision comes out - either a rate hike - the first in a decade, or a 'hold' stance. The general feeling is there will not be a rise. For now, the Dow Jones is down five at 16,735 shortly after the opening bell, while the Nasdaq gained 11 points at 4,900 and the broader-based S&P500 added one point to stand at 1,996. The decision on any potential rate rise, or otherwise is expected at 2pm Eastern Time and 7pm UK time and is sure to be followed by a deluge of analysis and comment. David Madden, at IG Index, said: "It says a lot about the lack of buying interest when the Fed is tipped to keep rates at an all-time low and equities still edge lower. "The press conference after the interest rate decision will be carefully watched, and even if rates are kept on hold, traders are preparing themselves for hawkish language. "Janet Yellen is a known dove, but no central banker wants to give the market a free run and state rates will stay ultra-low forever. Meanwhile, investors are bracing themselves for a word of warning about an interest rate rise down the line." In stocks, among the notable gainers was Cablevision (NYSE:CVC), which shot up 15.35% to US$32.92 , while the biggest laggard was Paragon Offshore (NYSE:PGN), down 22.6% to US$0.407 after it said it hired advisors to advise it on strategic alternatives related to its capital structure. General Motors (NYSE:GE.) shares went 0.74% higher to US$31.43 as it settled a federal criminal probe into why it failed to recall millions of defective vehicles equipped with a faulty ignition switch. Expedia (NASDAQ:EXPE) hit a fresh record high after the world's largest online travel services company by bookings won U.S. antitrust approval to acquire rival Orbitz Worldwide (NYSE:OWW) for $1.3 bn. Expedia shares rose 2.98% to US$128.35 after earlier reaching an all-time high of US$129.95.