Stocks Rise Following Fed's Interest Rate Update
Stocks rose on Wednesday, as investors digested the Federal Open Market Committee's (FOMC) latest meeting minutes. The Dow added 191 points, after the Fed's two-day meeting in early May revealed the central bank's willingness to move ahead with multiple 50 basis points interest rate hikes, noting they may have to move more quickly, and possibly more than Wall Street's priced in, in order to aggressively combat inflation. Additionally, the S&P 500 and Nasdaq both booked gains as well, backed by renewed strength in the retail sector.
The Dow Jones Average (DJI - 32,120.28) gained 191.7 points, or 0.6% today. Of the 24 Dow winners, American Express (AXP) came out on top for the session, adding 3.1%. Meanwhile, Procter & Gamble (PG) paced the laggards, losing 1.6%.
The S&P 500 Index (SPX - 3,978.73) added 37.3 points, or 1% for the day, while the Nasdaq Composite (IXIC - 11,434.74) jumped 170.3 points, or 1.5% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 28.37) lost 1.1 points, or 3.7% today.
Gold Snaps Multi-day Win Streak
Oil futures ended Wednesday with a win. While the start of the summer travel season is just ahead, which is sure to increase demand, data showed a fall in U.S. crude and gasoline inventories. July-dated crude added 56 cents, or 0.5%, to settle at $110.33 per barrel.
Gold prices snapped a four-session winning steak today, as Wall Street digested the Federal Reserve's meeting minutes. In response, June-dated gold logged its worst day in two weeks, shedding $19.10, or 1%, to settle at $1,846.30 an ounce.