S&P 500 Edges Higher, Holds Gains After Fed Minutes
FOMC minutes released Indexes: Dow up 0.1%, S&P 500 up 0.2%, Nasdaq down 0.1%
The S&P 500 rose slightly on Wednesday and held its gains after the Federal Reserve released the minutes from its last meeting, which showed officials divided on economic signals.
According to the minutes of the U.S. central bank’s June policy meeting, Fed officials that substantial further progress on the economic recovery “was generally seen as not having yet been met,” though participants expected progress to continue. read more
“I read this as effectively a dovish set of notes simply because they don’t feel as a group that they have enough certainty around the situation to make any changes at all,” said Brad McMillan, chief investment officer at Commonwealth Financial Network in Waltham, Massachusetts.
Comments from the Fed following the meeting last month were viewed as more hawkish.
Wall Street has been concerned about inflation, with investors moving between economy-linked value stocks and growth names in the past few sessions.
The Dow Jones Industrial Average (.DJI) rose 38.68 points, or 0.11%, to 34,616.05, the S&P 500 (.SPX) gained 9.69 points, or 0.22%, to 4,353.23 and the Nasdaq Composite (.IXIC) dropped 16.49 points, or 0.11%, to 14,647.15.