By THE NEW YORK TIMES
May 2, 2017
We’re following major developments in the markets throughout the day. Check below for the latest updates.
What to Watch For: Fed Meeting Starts, and Earnings
• The Fed’s rate-setting committee begins its two-day monetary policy meeting.
• Apple, Pfizer and Merck all post earnings.
• Don’t forget to read the DealBook Morning Agenda.
BP Shares Up After Profits Rise
BP shares gained after the British oil giant reported a surge in profit for the first quarter of the year.
“All of our businesses are firing on all cylinders,” said Bob Dudley, the energy giant’s chief executive.
The company made a profit of $1.5 billion, up from a loss of $583 million in the first quarter of 2016.
Mr. Dudley noted, however, that the company would have to focus on discipline. BP had cut costs as lower oil prices ate into its profits. They have since risen from below $30 a barrel in 2016 to nearer $50 a barrel.
The company’s shares were up about 1.5 percent by late morning. — AMIE TSANG