After taking several U-turns through the day, the S&P 500 inched up by 0.98, or less than 0.1 per cent, to 4,274.51 and remains near its lowest level since June. The Dow Jones Industrial Average slipped 68.61 points, or 0.2 per cent, to 33,550.27 after earlier bouncing between a gain of 112 points and a loss of 312. The Nasdaq composite rose 29.24, or 0.2 per cent, to 13,092.85.
After more than a decade where the Federal Reserve would quickly cut rates in order to help the economy, still-high inflation is now discouraging the Fed from lowering rates. Its main interest rate is already at its highest level since 2001, and the Fed indicated last week it will cut rates in 2024 by less than earlier expected.
Even so, the "Fed won't be overly reactive" to drops in stock prices because the overall economy remains solid, the strategists led by Mark Cabana wrote in a BofA Global Research report. Recent jumps in oil prices have likewise turned up the heat on inflation, and crude climbed further Wednesday. Costco Wholesale was another winner, rising 1.9 per cent after it reported stronger profit for the latest quarter than analysts expected.
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