S&P 500 Hits Record as Traders Brush Off Fed Signs
Stocks closed at all-time highs as traders looked past signals the Federal Reserve is in no rush to cut interest rates.
Just as in the previous session, equities gained traction in the final stretch of trading. That was after the Fed minutes only reiterated the cautious stance by US policymakers amid economic strength and stubborn inflation. Treasuries advanced as officials also discussed pausing or slowing the balance-sheet runoff until the debt-ceiling drama is resolved.
The S&P 500 rose 0.2%. The Nasdaq 100 wavered. The Dow Jones Industrial Average added 0.2%
In a sign of caution, defensive industries outperformed. Quantum-computing shares jumped on Microsoft Corp.’s new chip. Homebuilders got hit after results from Toll Brothers Inc. and key construction data indicated the residential real estate market may be in store for more turbulence.
The yield on 10-year Treasuries declined two basis points to 4.53%. The Bloomberg Dollar Spot Index rose 0.2%.
Source : Bloomberg
