US stocks end higher after a volatile trading session, the Reserve Bank meets today to consider raising interest rates to curb surging inflation, and billionaire Mike Cannon-Brookes becomes the biggest investor in AGL to block its plan to split its business.
Wall Street has ended higher after wild swings between profit and loss, and all eyes are on a possible interest rate rise by the Reserve Bank later today.The Dow Jones index rose 0.3pc to 33,062, the S&P 500 rose nearly 0.6pc to 4,155, and the Nasdaq rose 1.6pc to 12,536Atlassian co-founder Mike Cannon-Brookes has bought a stake in power company AGL to prevent a split of the business
By the close, the Dow Jones Industrial Average rose 0.3 per cent to 33,062, the S&P 500 gained nearly 0.6 per cent to 4,155, and the Nasdaq increased 1.6 per cent to 12,536. The central bank last raised the official cash rate by 0.25 basis points in November 2010, which took the OCR to 4.75 per cent.
"Given the strength of the labour market and inflation, the RBA is expected to announce the start of the tightening cycle at the May meeting," he said. "Grok Ventures has acquired more than an 11 per cent interest in AGL, becoming the largest shareholder."It comes two months after the company rejected his takeover bid.Yesterday, AGL told shareholders it remains committed to the demerger, which would split the business into a separate energy retailer and power generator.
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