ZCZC
BCN-16
US-STOCKS-MARKETS
US stocks rise after Federal Reserve minutes
NEW YORK, April 11, 2019 (BSS/AFP) – Wall Street stocks finished higher on
Wednesday after Federal Reserve meeting minutes suggested no shift in the
central bank’s dovish tilt.
The Dow Jones Industrial Average eked out a modest gain of less than 0.1
percent at 26,157.16.
The broad-based S&P 500 advanced 0.4 percent to 2,888.21, while the tech-
rich Nasdaq Composite Index jumped 0.7 percent to 7,964.24.
Minutes from the Fed’s March 19-20 meeting showed most policy makers
believed the central bank should leave US interest rates untouched for all of
2019, citing economic risks brewing abroad.
The minutes fleshed out the bank’s decision at the March meeting to remove
a projection of any rate hikes this year. That sentiment was further
buttressed by US data that showed limited consumer inflation in March.
Large banks, including JPMorgan Chase, Citigroup and Bank of America
notched modest gains as CEOs from the companies withstood tough questioning
on Capitol Hill.
While the banks were scrutinized over swelling executive pay and limited
progress on appointing women and people of color to top jobs, there was
little talk of meaningful new regulatory steps that could crimp profits.
Delta Air Lines gained 1.6 percent after first-quarter earnings topped
analyst expectations following strong growth in US corporate revenue.
Newly-public ride-hailing company Lyft slumped 10.9 percent following
reports that rival Uber planned to raise some $10 billion in what would be
the largest stock offering of the year.
BSS/AFP/HR/1008