Wall Street closes with gains, led by tech stocks.
The market rose on a day marked by the release of the Fed’s minutes, with investors awaiting key inflation data set to be published tomorrow and Friday.
All three major Wall Street indices closed with gains on Wednesday. U.S. stock averages advanced, led by the technology sector, in a session shaped by the Federal Reserve’s (Fed) minutes.
The Dow Jones Industrial Average, comprising 30 large companies, climbed 1.03% to 42,512.00 points. The S&P 500, which includes 500 stocks, gained 0.71%, closing at 5,792.04 points. Meanwhile, the Nasdaq Composite rose 0.60% to 18,291.62 points.
The minutes from the Fed’s most recent meeting, where it finally decided to cut rates by 50 basis points, emphasized that the central bank did not make adjustments based on a worsening economic outlook and that this does not signal an acceleration of monetary easing.
Investors are now awaiting tomorrow’s Consumer Price Index report, followed by Producer Price data on Friday, which could offer further insight into the central bank’s plans for the rest of the year, after last month’s highly anticipated rate cut.
In terms of sectors, information technology stood out with strong performance, while energy saw notable declines. Within the Dow Jones, standout performers included Honeywell (up 3.24%), IBM (up 2.48%), and Caterpillar (up 2.12%). On the downside, Boeing dropped 3.41%.
Boeing’s shares have been under pressure due to an unresolved wage increase dispute with its largest union. The ongoing strike, now in its fourth week, prompted S&P Global Ratings to downgrade the company’s credit rating.
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