Wall Street advanced sharply today as the Federal Reserve opened a two-day meeting expected to bring another interest rate cut to revitalise the US economy.

Wall Street shook off early uncertainty to close moderately higher today as a series of mixed economic reports managed to make investors more optimistic about the chances for an interest rate cut.

Wall Street ended the first week of the third quarter with a respectable gain today, shaking off early losses as investors found signs of strength in the government’s June employment report.

Wall Street ended a robust week on a quieter note today after the US Commerce Department reported that housing construction fell to its lowest level in more than six years.