U.S. stocks rally ahead of Fed minutes, economic data

U.S. stocks rose on Tuesday as investors awaited the Federal Reserve’s latest meeting minutes and a slew of economic data.

The Dow Jones Industrial Average increased 397.82 points, or 1.18 percent, to 34,098.10. The S&P 500 added 53.64 points, or 1.36 percent, to 4,003.58. The Nasdaq Composite Index climbed 149.90 points, or 1.36 percent, to 11,174.41.

All the 11 primary S&P 500 sectors ended in green, with energy and materials up 3.18 percent and 2.23 percent, respectively, leading the advance.

Investors looked ahead to minutes from the Fed’s November policy meeting due Wednesday afternoon to look for clues on the central bank’s future rate course.

A number of Fed members have made hawkish comments recently, calling for additional actions to bring inflation down.

Earlier this month, the Fed raised interest rates by 75 basis points for the fourth consecutive meeting in an aggressive bid to tame inflation.

Also on Wall Street’s radar was a string of economic data as U.S. durable orders, jobless claims, and the University of Michigan’s consumer sentiment index, are slated for release on Wednesday.

U.S. stock market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.

About Famagusta Gazette 6212 Articles
In addition to our Mediterranean perspective, Famagusta Gazette publish extensive coverage of world news, travel and tourism features, and financial information. Follow us on Twitter @FamagustaG