Wall Street ended the day higher on Wednesday, bolstered by minutes from the Federal Reserve’s most recent monetary policy meeting, which revealed that officials agreed that the US economy was quite robust as they struggled to control inflation without sparking a recession.
Wall Street closed higher Wednesday, boosted after minutes from the Federal Reserve’s latest monetary policy meeting show policymakers unanimously felt the U.S. economy was very strong. The minutes followed a 50-basis-point hike in the Fed funds target rate – the biggest jump in 22 years. On Thursday, the Commerce Department is due to release its second take on first-quarter GDP, which analysts expect to slow a little.
The Dow Jones Industrial Average and S&P 500 closed at record levels on Thursday, with the Nasdaq Composite closing at a record level for the first time.
Nine of the 11 major sectors on Wall Street rose, with consumer discretionary stocks leading the pack with a gain of 2.8%.
Volume on U.S. exchanges was 11.19 billion shares, compared with the 13.27 billion-share average for the full session over the last 20 trading days.
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