Market Snapshot: Dow climbs about 200 points after Fed minutes point to another big rate hike this month to tackle inflation

by | Jul 6, 2022 | Stock Market

U.S. stocks were higher Wednesday in choppy trade, after minutes of the Federal Reserve’s June policy meeting signaled another big interest rate-hike is likely later this month despite the risk of slowing economic growth. How stock indexes are trading
The Dow Jones Industrial Average
DJIA,
+0.33%
rose 194 points, or 0.6%, to around 31,151;

The S&P 500
SPX,
+0.51%
 rose 25 points, or 0.7%, to around 3,859.

The Nasdaq Composite
COMP,
+0.59%
  advanced 68 points, or 0.6%, to 11,392, after trading between small gains and losses.

On Tuesday, the Dow fell 129 points, or 0.4%, while the S&P 500
SPX,
+0.51%
notched a 0.1% rise and the Nasdaq Composite jumped 1.7%.

What’s driving markets Stocks punched higher after minutes of the Federal Reserve’s June meeting released on Wednesday reiterated a resolve by Fed officials to act aggressively through interest rate hikes given growing concerns about the possibility of inflation becoming entrenched in the economy. Fed officials “recognized that policy firming could slow the pace of economic growth for a time, but they saw the return of inflation to 2% as critical to achieving maximum employment on a sustained basis,” the minutes said. They also indicated another large rate hike, of 50 basis points or 75 basis points likely would be approved later this month. “These minutes are reflect …

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