The main indices of Wall Street rose on Wednesday after the US Federal Reserve’s November meeting minutes (Fed) showed that interest rate hikes could ease soon.
A “substantial majority” of Fed policymakers agreed at the meeting earlier this month that it would “probably soon be appropriate” to slow the pace of interest rate hikes, according to the published minutes. on Wednesday.
“What the equity markets needed to see for the recent strength to continue was what we got from the minutes,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
Since the last meeting of the Fed On November 1 and 2, investors have been more optimistic that price pressure has begun to ease, indicating that smaller rate increases could also help reduce inflation.
The index S&P 500 gained 23.68 points, or 0.59%, to 4,027.26 units; while the index Nasdaq Composite added 110.91 points, or 0.99%, to 11,285.32 units; and the industrial average Dow Jones added 95.96 points, or 0.28%, to 34,194.28 units.
Trading volume was light ahead of the Thursday holiday in Thanksgiving and the US market will be open only for half the session on Friday.
Earlier in the morning, a mix of economic data led to a drop in the yield on the benchmark 10-year Treasury note, helping lift stocks.
There was a larger-than-expected increase in the number of Americans applying for unemployment benefits last week, and US business activity contracted for the fifth straight month in November.
In addition, consumer confidence increased in the United States and its home sales exceeded expectations.
Stocks of heavyweight companies, including Amazon.com Inc y Meta Platforms Incadvanced more than 1%.
Tesla Inc climbed 7.4%, after Citigroup upgraded the EV maker’s stock rating to “neutral” from “sell.”
Deere & Co jumped 5.5% after reporting a higher-than-expected quarterly profit.
Nordstrom Inc it was down 4.5% as the fashion retailer cut its profit forecast amid steep sales to lure customers worried about inflation.
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