S&P 500 Hits Record as Traders Look Past Fed Signals – US Market Wrap

Stocks closed at all-time highs as investors ignored signals that the Federal Reserve is not in a hurry to decrease interest rates.

Just like the previous day, equities gained traction in the final stretch of trade. That came after the Fed minutes simply restated US officials’ cautious approach in the face of strong economic growth and persistent inflation. Treasuries rose as policymakers pondered delaying or reducing the balance-sheet runoff until the debt-ceiling difficulty is resolved.

The S&P 500 increased by 0.2%. The Nasdaq 100 fluctuated. The Dow Jones Industrial Average rose 0.2%.

In a show of caution, defensive industries outperformed. Microsoft’s latest chip boosted shares in quantum computing. Homebuilders were battered after Toll Brothers’ results and important building statistics suggested that the residential real estate market could see more instability.

The yield on 10-year Treasuries fell two basis points to 4.53%