U.S. stocks closed mostly, albeit modestly, higher Wednesday after the Federal Reserve released the minutes of its latest meeting, confirming the U.S. central bank's intention to keep interest rates steady -- at least for now.
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According to those minutes, Fed officials largely approved a "patient" approach to monetary policy in 2019 during their two-day March meeting, but suggested that if the economy improves, more interest rate hikes could be on the horizon.
At the same meeting, policymakers at the U.S. central bank unanimously voted to keep the benchmark federal funds rate steady in a target range of 2.25 percent to 2.5 percent. The Fed also signaled there will be no additional hikes for the remainder of 2019 because of concerns about slowing global growth -- a result of a more than year-long trade war between the U.S. and CHina and uncertainties about Brexit.
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Before the minutes were revealed the S&P 500 and Nasdaq Composite were modestly higher but the Dow Jones Industrial Average was fractionally lower on declining Boeing shares. But after the minutes came out the Dow turned positive and the other two major averages began rising.
The yield on the 10-year Treasury note dipped below 2.5 percent to its lowest level since April 1.
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Airline stocks rose. Delta reported stronger-than-expected earnings and revenue for the first quarter.
"Demand for Delta's product has never been stronger," President Glen Hauenstein said in a statement.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26157.16 | +6.58 | +0.03% |
| SP500 | S&P 500 | 2888.21 | +10.01 | +0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7964.243701 | +54.97 | +0.69% |
"With our customer-focused commercial initiatives delivering strong customer loyalty and top-line momentum, we now expect full-year revenue growth of 5% to 7%, an increase from our prior guidance."
JetBlue Airways could unveil plans for flight service to London and other European cities as soon as an all-hands meeting for employees on Wednesday, according to a report.
Despite the Energy Information Administration reporting that crude oil stockpiles rose by approximately 7 million barrels last week, the price of crude oil rose and, thus, boosted petroleum company shares.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| HFC | HOLLYFRONTIER CORP | 50.04 | +1.87 | +3.88% |
| VLO | VALERO ENERGY CORPORATION | 88.43 | +3.32 | +3.90% |
| MPC | MARATHON PETROLEUM CORP | 63.60 | +1.44 | +2.32% |
The price of the West Texas Intermediate, the benchmark U.S. crude, hovered at a five-month high amid tight supplies resulting from OPEC-led output cuts and sanctions on Iran and Venezuela.
Meanwhile, the Labor Department said Wednesday that U.S. consumer prices climbed 0.4 percent last month, the fastest pace in 14 months but -- excluding volatile food and energy costs -- less than analysts expected. Overall, higher prices were noted for gasoline, electricity and shelter.
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China’s Shanghai Composite closed up 0.07 percent, Hong Kong’s Hang Seng ended down 0.13 percent and Japan’s Nikkei 225 fell 0.53 percent.
Britain’s FTSE 100 was off fractionally, France’s CAC 40 added 0.38 percent and Germany’s DAX rose 0.57 percent.
https://www.foxbusiness.com/markets/us-stocks-wall-street-april-10-2019
2019-04-10 18:16:01Z
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