World

US stocks close higher after Fed minutes release

Agency | January 10, 2019 11:25 AM

NEW YORK:  US stocks closed higher after the summary of Federal Reserve's meeting held in December showed the central bank 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, Xinhua news agency reported.

The Nasdaq Composite Index 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 interest rate 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 chair Jerome Powell 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 bank 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.

Have something to say? Post your comment
Must Read
Mansa administration to observe martyrdom of Bhagat Singh as Shanivaar Shramdaan Mission, DC
Mansa administration to observe martyrdom of Bhagat Singh as Shanivaar Shramdaan Mission, DC
Nirav Modi arrested in London, to be produced in court today
Nirav Modi arrested in London, to be produced in court today
Punjab CEO convened meeting with representatives of TV channels
Punjab CEO convened meeting with representatives of TV channels
Election Commission of India gives green signal to allotment of liquor vends for 2019-20
Election Commission of India gives green signal to allotment of liquor vends for 2019-20
So-called “Sting Operation” by BJP funded TV channel is “Doctored”, aims to tarnish my image: MP Chaudhary Santokh Singh
So-called “Sting Operation” by BJP funded TV channel is “Doctored”, aims to tarnish my image: MP Chaudhary Santokh Singh
Punjab CM orders Rs. 12 lakh financial assistance to martyr Karamjeet Singh
Punjab CM orders Rs. 12 lakh financial assistance to martyr Karamjeet Singh
More police at Nurmahal Dera than police station
More police at Nurmahal Dera than police station
Jalandhar (Rural) police arrest one drug smuggler, seize 3-kg opium
Jalandhar (Rural) police arrest one drug smuggler, seize 3-kg opium
Counter intelligence arrest gangster Iqbal Singh Afridi, head of infamous Cobra gang
Counter intelligence arrest gangster Iqbal Singh Afridi, head of infamous Cobra gang
Vigilance registers corruption case against two head constables, one nabbed
Vigilance registers corruption case against two head constables, one nabbed
LOK SABHA POLLS- 2,21,480  Licensed Weapons Surrendered in Punjab after enforcement of model code of conduct
LOK SABHA POLLS- 2,21,480 Licensed Weapons Surrendered in Punjab after enforcement of model code of conduct
BJP’s `Main Bhi Chowkidar’ campaign won’t fill stomachs or give jobs, says Capt Amarinder
BJP’s `Main Bhi Chowkidar’ campaign won’t fill stomachs or give jobs, says Capt Amarinder