U.S. stocks close higher after Fed minutes release

Source: Xinhua| 2019-01-10 06:07:47|Editor: mym
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Traders work at the New York Stock Exchange in New York, the United States, Jan. 9, 2019. U.S. stocks closed higher on Wednesday after the summary of Federal Reserve's meeting held in December showed the central bank is patient on rate hikes. The Dow Jones Industrial Average increased 91.67 points, or 0.39 percent, to 23,879.12. The S&P 500 was up 10.55 points, or 0.41 percent, to 2,584.96. The Nasdaq Composite Index was up 60.08 points, or 0.87 percent, to 6,957.08. (Xinhua/Wang Ying)

NEW YORK, Jan. 9 (Xinhua) -- U.S. stocks closed higher on Wednesday after the summary of Federal Reserve's meeting held in December showed the central bank is patient on rate hikes.

The Dow Jones Industrial Average increased 91.67 points, or 0.39 percent, to 23,879.12. The S&P 500 was up 10.55 points, or 0.41 percent, to 2,584.96. The Nasdaq Composite Index was up 60.08 points, or 0.87 percent, to 6,957.08.

Fed officials acknowledged that the policy path ahead is "less clear" after approving an interest rate hike at their recent meeting.

The minutes showed the rate hike came with reluctance from a few members who thought the lack of inflationary pressures argued against another increase.

The minutes came after Fed chair Jerome Powell hinted at slower monetary tightening.

He said Fed officials were keeping a close eye on the voices of financial market, and that Fed policy was flexible and clung to real-time economic developments.

He added that the central bank would not hesitate to adjust its balance sheet reduction plan if it causes problems in the markets.

All three major indexes surged more than 3 percent Friday on Powell's comments and posted 4-day winning streak on Wednesday at close.

Also lifting the market sentiment was the news that the latest trade negotiations between the world's top two economies showed signs of progress.

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