Fri, 16 Apr 2021

U.S. stocks end mixed amid Fed minutes

Xinhua
08 Apr 2021, 07:18 GMT+10

NEW YORK, April 7 (Xinhua) -- U.S. stocks finished mixed on Wednesday as investors pored through the newly-released meeting minutes from the Federal Reserve.

The Dow Jones Industrial Average added 16.02 points, or 0.05 percent, to 33,446.26. The S&P 500 was up 6.01 points, or 0.15 percent, to 4,079.95. The Nasdaq Composite Index fell 9.54 points, or 0.07 percent, to 13,688.84.

Six of the 11 primary S&P 500 sectors ended in red, with materials down 1.75 percent, leading the laggards. Communication services rose 0.72 percent, the best-performing group.

U.S.-listed Chinese companies traded lower with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

U.S. Federal Reserve officials indicated at their March meeting that it would take some time before the Fed starts tapering its asset purchases, according to the meeting minutes released Wednesday.

The Fed last month decided to continue its asset purchase program at least at the current pace of 120 billion U.S. dollars per month, while expecting to keep its benchmark interest rate at the record-low level of near zero at least through 2023.

Fed minutes revealed that the Federal Open Market Committee (FOMC) was steadfast on maintaining accommodation, Chris Low, chief economist at FHN Financial, said in a note on Wednesday.

"No hint of taper, and no hint of liftoff as the FOMC continues to stress elevated risks to the outlook," he said.

On Tuesday, U.S. equities closed lower as the market took a breather after an impressive post-Easter rally.

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