Stocks Edge Higher With Fed Hiking Bets Steady: Markets Wrap
- Fed eyes rate hike soon and faster tightening pace if needed
- Balance-sheet runoff seen starting later this year: minutes
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Stocks closed higher after minutes from the Federal Reserve’s last meeting did little to alter bets on the path of interest rates this year. Treasuries rose.
The S&P 500 rebounded after the central bank document came out, with commodity and industrial companies outperforming the cohort of tech shares that has thrived during the era of near-zero rates. Two-year Treasury yields -- which are more sensitive to imminent Fed moves -- fell with the dollar. In late trading, Cisco Systems Inc., the biggest maker of computer networking equipment, climbed on a bullish sales projection, while chipmaker Nvidia Corp. dropped after its results.