US equities managed to end Wednesday on a positive note despite fluctuations during the day. The Nasdaq and the S&P 500 closed higher for the ninth time in the past ten sessions. The Nasdaq climbed 102.05 points or 0.6 percent to 17,918.99 and the S&P 500 rose 23.73 points or 0.4 percent to 5,620.85, while the narrower Dow inched up 55.52 points or 0.1 percent to 40,890.49. The higher close on Wall Street came after the Federal Reserve released the minutes of its latest monetary policy meeting, which seemingly provided additional support for expectations of an interest rate cut in September. Housing stocks saw substantial strength on the day amid optimism about lower interest rates, resulting in a 2.7 percent surge by the Philadelphia Housing Sector Index.
The Federal Reserve released the minutes of its latest monetary policy meeting, which seemingly provided additional support for expectations of an interest rate cut in September. The minutes of the Fed's late July meeting revealed that the "vast majority" of participants believed it would "likely be appropriate" to lower rates at the next meeting if inflation data continued to come in "about as expected."
US treasuries moved higher over the course of the session after showing a lack of direction in early trading. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell 4.0 basis points to 3.778 percent. Meanwhile, the dollar index is lingering at its lowest level so far this year at 101.11.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
