The Standard & Poor’s 500 index rose 0.4%, its third consecutive gain, after spending much of the morning and early afternoon wavering between gains and losses. The Dow Jones industrial average rose 0.2%, while the Nasdaq composite rose 0.3%.
The Fed’s minutes offered no major surprises for Wall Street, said Tom Martin, senior portfolio manager with Globalt Investments.‘We are killing people’: How technology has made your car ‘a candy store of distraction’ Wall Street’s key concern centers on the Federal Reserve’s effort to rein in inflation, and the risk that its plan could send the economy into a recession.
Central banks have been raising interest rates in an attempt to temper inflation. The Fed has been particularly aggressive in its shift from historically low interest rates at the height of the pandemic to unusually big rate increases now. That has raised concerns that the central bank could go too far, hitting the brakes too hard on economic growth and bringing on a recession.
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U.S. stocks bounce around as turbulent trading persists on Wall StreetMajor indexes have been swinging between sharp losses and gains on a daily — and sometimes hourly — basis. The broader market, though, is still mired in a deep slump that has dragged the S&P 500 into a bear market, over 20% below its most recent high.
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Stocks rise after release of Fed meeting minutesThe minutes of the two-day meeting last month show that Fed officials concluded higher interest rates could be needed to restrain a worrying trend related to inflation.
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