Beautiful Virgin Islands


US stocks rise after Fed minutes show most policy makers are in favor of easing up on rate hikes

US stocks rise after Fed minutes show most policy makers are in favor of easing up on rate hikes

Stocks advanced for a second straight session with signs the Fed may begin cutting down on hefty rate increases as early as December.

US stocks overcame earlier losses to finish higher Wednesday, as minutes from the Federal Reserve's meeting this month indicated policymakers are prepared to cut the size of rate hikes aimed at chopping down inflation.

Wall Street's major indexes landed a second consecutive day of gains. The S&P 500 stretched further into the 4,000 level after closing above that mark on Tuesday for the first time since September. Nine of the index's 11 sectors gained ground, led by the consumer discretionary group.

A "substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate," minutes of this month's Fed meeting released Wednesday afternoon said. The central bank has pushed up the fed funds rate by 75 basis points at four straight meetings.

Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:

*  S&P 500: 4,027.26, up 0.59%

*  Dow Jones Industrial Average: 34,194.06, up 0.28% (95.96 points)

*  Nasdaq Composite: 11,285.32, up 0.99%

Fed speakers have been telegraphing since the November meeting they are heading toward easing the pace of its aggressive campaign, and a rate increase of 50 basis points may be in store for December, Quincy Krosby, chief global strategist at LPL Financial, wrote in a note.

"It doesn't mean that the Fed reaches its terminal rate in December – rather it could be a lower-for-longer path as the Fed assesses the lagged effect of the cumulative rates on the broader economy. While this doesn't represent the 'pivot' that the market has on its holiday wish list, it does represent an important transition in monetary policy," she said.

Stocks were mixed earlier Wednesday after the Labor Department said weekly jobless claims rose by 17,000 to 240,000. That was more than expected and marked the highest number of claims since August.

Among individual stocks, Deere shares climbed after the heavy equipment maker boosted its 2023 profit outlook to $8 billion to $8.5 billion. Nordstrom shares fell after the upscale retailer cut its 2022 per-share earnings outlook to a range of $2.13 to $2.43. Credit Suisse's US-listed shares fell after the bank under restructuring warned of a fourth-quarter loss of up to 1.5 billion Swiss francs ($1.6 billion).

Equity trading will be closed Thursday for Thanksgiving Day and end early on Friday, at 1 p.m. Eastern.

Here's what else is happening today:

*  Oil prices fell Wednesday following reports the European Union is thinking about capping Russian oil prices at $65-$70 a barrel.

*  An extremely rare signal flashed in the stock market on Tuesday, indicating big gains ahead for equities.

Elon Musk's focus on Twitter's turnaround creates three factors that put Tesla stock at risk, said Wedbush.

*  Warren Buffett's Berkshire Hathaway has slashed its stake in Chinese electric-vehicle make BYD - and has pulled in about $1.2 billion profit on the shares sold.

*  A lawyer for FTX said a substantial amount of assets belonging to the bankrupt crypto exchange were either missing or stolen.

*  Meanwhile, the court hearing FTX's bankruptcy petition was told the company spent around $300 million buying houses for senior executives in the Bahamas.

In commodities, bonds, and crypto:


*  West Texas Intermediate crude fell 2.7% to $78.73 per barrel. Brent crude, the international benchmark, fell 4% to $84.87.

*  Gold picked up 0.7% to $1,752.70 per ounce.

*  The 10-year Treasury yield fell 11 basis points to 3.70%.

*  Bitcoin rose 2% to $16,455.05.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Taylor Swift Fans Create Seismic Activity in Edinburgh
I have a dream, MLK inspiring speech
Sunak Aide Under Investigation for Election Bet
Aretha Franklin, Marvis Staples - Oh Happy Day
Labour Leader Starmer Focuses on Wealth Creation for Upcoming UK Elections
BVI Freedom Song
G7 to Use Frozen Russian Assets for $50 Billion Ukraine Aid
Billy Preston - You Can't Beat God Giving (Live)
Anti-Israel Irish MEP Clare Daly LOST her seat in the EU Election
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Johnson & Johnson Settles Talc Safety Claims for $700 Million
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
EU Urged to Welcome Skilled Russians to Weaken Putin
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
EU Elections Overview: Far-Right Gains and Major Political Shifts
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Israel Rescues Four Hostages from Gaza
Hello Dolly
Emmanuel Macron Calls for Snap Election
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Jordan Bardella: Young Far-Right Leader Poised for Future Political Influence in France
Bob Marley - Get Up Stand Up
World's Oldest Privately Owned Book Auctioned for $3.8 Million
Yes He Can
Animal Rights Activists Deface King Charles' Portrait in Protest
What A Friend We Have In Jesus
Dutch Military Intel Uncovers Extensive Chinese Cyber Espionage
Unforgettable
Turkish Student Arrested for Using AI to Cheat in University Exam
Touch The Hem Of His Garment
Rise in Dengue and Other Mosquito-Borne Diseases in Europe Due to Climate Change
The Lord's Prayer
EU Elections Overview: Far-Right Gains and Major Political Shifts
THE GOD MOVEMENT...BEAUTIFUL BVI
Far-Right National Rally Dominates France's EU Vote
Siyahamba
Macron Calls Snap Legislative Elections After Far-Right Victory
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
Far-Right Gains Significantly in EU Election
Ramblin' Rose
UK Job Market Shows Signs of Recovery
Protoje - Who Knows ft. Chronixx
Orban’s Fidesz Party Wins Majority in Hungary’s EU Elections as New Challenger Emerges
Pressure - Virgin Islands Nice
Meloni's Far-Right Party Wins European Elections in Italy
Phil Wickham - House Of The Lord
Key Insights from the European Union Elections
My God Is Real (Yes, God Is Real)
European Union Elections and Rise of Far-Right Parties
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
England Loses Over 260,000 Social Rent Homes in a Decade
Louis Armstrong - When The Saints Go Marching In
Campaigners Urge Government to Block Shein's FTSE Listing
Kanye West Sunday Service - hallelujah, salvation, and glory
First NHS AI-Run Physiotherapy Clinic Launches This Year
Jonathan Nelson - I Believe (Island Medley
British TV Presenter Michael Mosley Found Dead on Greek Island
From The Virgin Islands Sqad Up
Ukrainian Forces Claims First Strike on Russia's Su-57 Fighter Jet
Common, John Legend - Glory
Macron Dissolves Parliament and Calls Snap Elections
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
Russia Adds Yulia Tymoshenko to Wanted List
I have a dream, MLK inspiring speech
UK Foreign Secretary David Cameron Tricked by Hoax Caller Posing as Former Ukrainian President
Aretha Franklin, Marvis Staples - Oh Happy Day
Kate Middleton's Absence from Colonel's Review Due to Chemotherapy
BVI Freedom Song
UK Foreign Secretary Deceived by Prank Video Call
Billy Preston - You Can't Beat God Giving (Live)
Sunak Criticised Over D-Day Exit in BBC Debate
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Rishi Sunak Apologizes for Leaving D-Day Commemoration Early
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
UK Woman Sentenced After Causing Fatal Crash While Sending Selfies
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Danish Prime Minister Mette Frederiksen Assaulted in Central Copenhagen
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
UN to Add Israel to Human Rights Blacklist
Hello Dolly
Germany and France Oppose EU Luxury Car Restrictions to Russia
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Plus-Sized Miss Alabama Sara Milliken Responds to Online Critics
Bob Marley - Get Up Stand Up
Nigel Farage's Return Boosts Support for Reform UK Party
Yes He Can
Labour Party to Pledge Recognition of Palestinian State in Election Manifesto
What A Friend We Have In Jesus
British Paratroopers Greeted by French Customs After D-Day Anniversary Airdrop
Unforgettable
UK Statistics Watchdog Chief Urges Sunak to Clarify Labour Tax Claim Source
Touch The Hem Of His Garment
UK Conservatives Promise to Restore Child Benefit for Higher Earners
The Lord's Prayer
US House Votes to Sanction International Criminal Court
THE GOD MOVEMENT...BEAUTIFUL BVI
British Judges Resign from Hong Kong's Top Court
Siyahamba
Australia Abandons Case on Stabbing Videos Against Elon Musk's Platform
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
×