New York (CNN Business)The Dow and the broader US stock market are rallying on Wednesday ahead of the release of Federal Reserve minutes in the afternoon.
The Dow (INDU DOW JONES INDUSTRIAL AVERAGE) is trading more than 250 points, up 1%. The S&P 500 (SPX) is 0.9% higher and the Nasdaq Composite (COMP) is up 1%. All three indexes finished lower on Tuesday. The Dow and the S&P ended three-day winning streaks.
The Fed will publish the minutes from its July meeting at 2 p.m. ET on Wednesday. During the July meeting, the Fed cut interest rates for the first time since 2008.Since the rate cut, Fed policymakers have given few public statements. That makes the minutes more important than usual for the market. Investors will look for details on the economy and the risks it is facing to assess the Fed’s next moves.
President Donald Trump once again lashed out against Fed Chairman Jerome Powell early Wednesday. “The only problem we have is Jay Powell and the Fed,” he said on Twitter, adding that there would be “big U.S. growth if he does that right thing.
“Expectations for an additional quarter percentage point cut in September are at 98%, according to the CME FedWatch tool.”Sentiment seems to be improving on the hope for signals of more monetary easing from the Fed and other global central banks in the days ahead,” wrote Priscilla Thiagamoorthy, economic analyst at BMO, in a note to investors.
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