U.S. stocks advance as Fed officials favor slower rate hikes, minutes show

U.S. stocks advanced to their highest levels of the session on Wednesday after minutes from the Fed’s November policy meeting showed Fed officials seeming to favor slower rate hikes due to “uncertain lags” in how higher borrowing costs effect the economy.

Fed staff also see a high likelihood of a recession some time over the next year. The S&P 500 SPX, +0.63% rose 0.6% to 4,026, while the Dow Jones Industrial Average DJIA, +0.38% climbed 0.45 at 34,217. The Nasdaq Composite COMP, +1.06% was up 1% at 11,283.

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