Thomson Reuters
Federal Reserve Chairman Jerome Powell arrives to take the oath of office at the Federal Reserve in Washington
Stocks inched higher Wednesday, recovering from earlier losses. The Federal Reserve released meeting minutes from its May gathering. The dollar rallied, and the 10-year Treasury yield edged lower.
Here's the scoreboard:
Dow Jones Industrial Average: 24,886.60 +52.19 (+0.21%)
S&P 500: 2,727.20 2.76 (+0.10%)
AUD/USD: 0.7563 -0.0014 (-0.18%)
ASX 200 SPI futures: 6,020.0 -22.5 (-0.37%)
- Federal Reserve officials said they're comfortable letting inflation temporarily surpass their 2% target. Meeting minutes out Wednesday revealed most members of the board think they should raise rates "soon."
- Congress passed an overhaul of Dodd-Frank, post-financial crisis legislation that created the Consumer Financial Protection Bureau. President Donald Trump is eager to sign the bill into law, which could be a big win for regional banks.
- Inflation in the UK fell to the lowest level in more than a year. Consumer prices rose by 2.4% in April, the Office of National Statistics said, compared to 2.5% the month before. The British pound approached five-month lows following the report.
- A bidding war for 21st Century Fox assets is heating up. Comcast said in a statement that it's considering extending an all-cash offer that would surpass Disney's $52 billion bid.
- Bitcoin cash sank as much as 12%, falling below $1,000 for the first time since April.
- Earnings season rolls on. Tiffany & Co. reported earnings that blew past expectations and raised guidance. Shares of the company gained more than 22%.
Here is the upcoming economic calendar:
- The European Central Bank releases meeting minutes.
- British retail sales numbers are out.
- US reports existing home sales.
- Eurogroup meets in Brussels.