Dow Notches Another Record High After Fed Minutes
Despite a bit of a rocky start, theDow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all closed modestly higher today, after minutes from the Federal Open Market Committee (FOMC) September meeting reaffirmed expectations for a December interest rate hike. Although "many participants expressed concern" about low inflation, severalthink another rate hike in 2017 is "likely to be warranted."As a result, the Dow notched another record high.
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The Dow Jones Industrial Average (DJIA - 22,872.89) closed at a record high,ending with a gain of 42.2 points, or 0.2%. Leading the pack of 17 Dow gainers was Johnson & Johnson (JNJ) with a 2.1% gain, while General Electric (GE) paced the 13 losers with a 1.2% drop.
The S&P 500 Index (SPX - 2,555.24) managed to touch a record high of its own at the buzzer, closing at an all-time peak, up 4.6 points, or 0.2%. The Nasdaq Composite (IXIC - 6,603.55) ended up 16.3 points, or 0.3%, for a record closing high.
The CBOE Volatility Index (VIX - 9.85) lost 0.2 point, or 2.3%.
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Data courtesy of Trade-Alert
Commodities
Crude futures rose for a third straight session, after the Organization of the Petroleum Exporting Countries (OPEC) predicted higher demand in 2018. November-dated oil futures ended with a gain of 38 cents, or 0.8%, at $51.30 per barrel.
Gold broke its three-day win streak, as December-dated gold ended down $4.90, or 0.4%, at $1,288.90 an ounce. However, following the September Fed meeting minutes, futures on the malleable metal turned higher.