Dow Posts 4-Day Win Streak with Fed Urging Caution

By Baystreet Market Updates

Stocks rose in another volatile session on Wednesday after a summary of the Federal Reserve’s meeting in December reiterated comments from the central bank’s chairman from last week about patience regarding monetary policy.

The Dow Jones Industrial Average remained buoyant 91.67 points to 23,879.12, posting its fourth straight day of gains.

The S&P 500 improved 10.55 points to 2,584.96, as the tech and energy sectors outperformed.

The NASDAQ Composite gained 60.08 points to 6,957.08, as Apple gained 1.7%. Energy gained 1.5% as a sector, boosted by a 5.2% in U.S. crude prices.

Caterpillar rose 0.4% while Boeing gained nearly 1%. These stocks are largely seen as bellwethers for trade because of the companies’ exposure to overseas markets.

U.S. trade officials said in a statement they will report back to the White House for further guidance on the talks.

Equities pared gains in the last hour of trading as it appeared a meeting over the shutdown between President Donald Trump and Democratic leadership did not go well. The president tweeted the meeting was “a total waste of time.” Sen. Chuck Schumer said the president walked out of the meeting.

The Fed minutes pointed to a backdrop of low inflation in the U.S., meaning the central bank can “afford to be patient about further policy firming.” They also indicated that some Fed officials think a “relatively limited amount” of rate hikes may be coming.

Prices for the benchmark for the 10-year U.S.Treasury were slightly higher, lowering yields to 2.72% from Tuesday’s 2.73%. Treasury prices and yields move in opposite directions

Oil prices shot higher $2.45 to $52.23U.S. a barrel.

Gold prices gathered $8.30 to $1,294.20U.S. an ounce.

This article provided by NewsEdge.