US stocks closed higher on Wednesday in a choppy session as meeting minutes from the Federal Reserve showed that the central bank is looking to raise interest rates less in the coming months as inflation slows.
The Dow Jones industrial average rose 95.96 points, or 0.28 percent, to 34,194.06 points. The S&P 500 rose 0.59%, closing at 4,027.26, and the Nasdaq Composite rose 0.99%, to 11,285.32.
Nordstrom shares decreased 4.24% After the supermarket chain reaffirmed its expectations. However, Nordstrom beat earnings and sales expectations in its most recent results, according to Refinitiv consensus forecasts. Tesla It rose 7.82% after Citi lifted the stock to neutral from selling. monastery It rose 5.03% on the earnings beat.
Minutes from the November Federal Reserve meeting He indicated that the Central Bank is witnessing progress in its fight against high inflation and is looking to slow down the pace of interest rate increases, which means smaller hikes until the end of this year and into 2023.
“A large majority of participants felt that a slower pace of increase would likely be appropriate soon,” the minutes said. “Delays and uncertainties associated with the effects of monetary policy measures on economic activity and inflation were among the reasons cited for the importance of this assessment.”
Earlier in November, the central bank It approved a fourth consecutive rise of 0.75 percentage points That pushed rates to their highest level since 2008. Economists largely expect a 0.5 percentage point increase in December.
Art Hogan, chief market strategist at B.V. Any news that could shift the narrative around a future rate hike is important to the markets, which are also seeing thin volume due to the short holiday week.
Unemployment claims The data came in higher than expected at 240,000 for the week ending November 19, as economists polled by Dow Jones expected 225,000. The result indicates that the labor market may weaken. Meanwhile, October Durable Goods Orders were stronger than expected, coming in at 1%, more than the expected 0.5%.
The markets will be closed on Thursday for the Thanksgiving holiday and close early on Friday.
Correction: An earlier version of this story has been corrected to reflect that Nordstrom has reaffirmed its predictions.
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