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US stocks close higher after Fed minutes release

IANS  |  New York 

US stocks closed higher after the summary of Federal Reserve's meeting held in December showed the central is patient on rate hikes.

The Dow Jones Industrial Average on Wednesday increased 91.67 points, or 0.39 per cent, to 23,879.12. The S&P 500 was up 10.55 points, or 0.41 per cent, to 2,584.96, reported.

The was up 60.08 points, or 0.87 per cent, to 6,957.08.

Fed officials acknowledged that the policy path ahead is "less clear" after approving an hike at their recent meeting.

The minutes showed the rate hike came with reluctance from a few members who thought the lack of inflationary pressures argued against another increase.

The minutes came after Fed hinted at slower monetary tightening.

He said Fed officials were keeping a close eye on the voices of financial market, and that Fed policy was flexible and clung to real-time economic developments.

He added that the central would not hesitate to adjust its balance sheet reduction plan if it causes problems in the markets.

All three major indexes surged more than 3 per cent on Friday on Powell's comments and posted 4-day winning streak on Wednesday at close.

Also lifting the market sentiment was the news that the latest trade negotiations between the world's top two economies showed signs of progress.

--IANS

pgh/

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 07:18 IST
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