5.30pm Markets Update

Updated: Wednesday 30 July 2014 17.25

US stocks opened higher this afternoon, helped by a positive second quarter GDP report and some bullish earnings from tech companies like Twitter.

However, markets turned lower ahead of a statement by the Federal Reserve due later in the session.

The Dow Jones fell 50 points, or 0.3%, to 16,862, while the S&P 500 lost 1.5 points (0.1%) to 1,968. The Nasdaq added 14 points, or 0.3%, to 4,457.

In Europe, London's FTSE was down 34 points (0.5%) to close at 6,773. The Dax in Frankfurt was 0.6%, or 60 points, lower to reach 9,594 at the close. The CAC in Paris was down 53 (1.2%) at 4,312.

In Dublin, the ISEQ index of Irish shares was down 33 (0.7%) at 4,717. First Derivative gained 20 cent, or 1.7%, to close at €12.30. Dalata Hotel Group was up 2.5 cent (0.8%) at €3.05. Smurfit Kappa shed 26 cent (1.6%) to €16.34. CRH was down 36 cent, or 2%, to €18.10.

Overnight in Asia, major markets closed higher as investors awaited the release of US economic data and a meeting of the Federal Reserve.

The Hang Seng in Hong Kong was 91 points (0.4%) higher at 24,732 by the close of business, while the Nikkei in Tokyo was up 28 points (0.2%) to 15,646.