The S&P 500 eked out a fresh record closing high as major benchmarks traded near a flatline on Wednesday as investors compared the recent stronger-than-expected U.S. economic data with the minutes from the Federal Open Market Committee meeting in March.
The Federal Reserve noted at their last meeting that the central bank will continue its loose monetary policy until the U.S. economic recovery becomes more stable. The Fed expects the economy to rebound from its pandemic lows this year, with growth facilitating the labor market recovery over the following few years.
Adding to the economic recovery momentum, JPMorgan Chase (JPM ) CEO Jamie Dimon writing in his annual shareholder letter that the U.S. economic boom "could easily run into 2023," amid the extensive fascial and monetary policy support provided to individuals and businesses.
Here's how the market settled on Wednesday:
S&P 500 Index (SPY ): +0.15% or +6.01 points to 4,079.95
Dow Jones Industrial Average (DIA ): +0.05% or +16.02 points to 33,446.26
Nasdaq Composite Index (QQQ ): -0.07% or -9.54 points to 13,688.84
For Stocks, Nikola (NKLA ) shares dropped in afternoon trading after the company announced its head of fuel-cell development has departed. Big tech stocks all led solid gains, with Amazon (AMZN ), Apple (AAPL ) and Google (GOOGL ) all rising more than 1%, while Facebook (FB ) jumping over 2%.
For Sector Performance, sectors ended Wednesday's session split, with Communication Services (XLC ) and Information Technology (XLK ) leading gains, while Industries (XLI ) and Materials (XLB ) leading losses.
For Commodities and Currency, the U.S. Dollar (UUP ) edged slightly higher against other global currencies on Wednesday, boosted in afternoon trading after the FOMC minutes shows that the central bank will continue to extend its loose monetary policy, The dollar index was last lower at 92.473, after falling as low as 92.134 earlier in the choppy session. Gold (GLD ) prices slipped on Wednesday as strengthening U.S. economic outlooks dimmed the yellow metal's appeal as a safe haven. Spot gold was 0.4% lower at $1,737.01 per ounce, while gold futures settled down by 0.1% to $1,741.60 per ounce. Crude oil futures rose slightly on Wednesday, but U.S. crude's gains were pressured by rising gasoline inventories. International benchmark Brent Crude (BNO ) increased 0.67% to $63.16 per barrel, while domestic index West Texas Intermediate (USO ) settled 0.7% higher at $59.77 each.
For Thursday, traders will turn their attention to fresh data on weekly unemployment claims.