The S&P 500 ended lower for a fourth straight session on Wednesday after the release of the Federal Reserve’s minutes of its February policy meeting bolstered expectations for higher interest rates to tame inflation. The Dow Jones Industrial Average DJIA fell about 83 points, or 0.3%, ending near 32,046, while the S&P 500 index SPX closed 0.2% lower, cementing a fourth session in a row of declines. The Nasdaq Composite Index COMP turned positive in the final leg of trade, ending up 0.1%. The Fed minutes showed unanimous backing for continued interest-rate hikes in coming meetings. Importantly, the latest jobs report and inflation data since the Fed meeting also point to the potential need for higher rates for longer. Investors hoping for a pivot away from restrictive interest rates this year helped fuel a rally in stocks to kick off 2023 that has been fading in recent sessions, with the Dow now in the red for the year, the S&P 500 up 4% and the Nasdaq higher by 10%, according to FactSet data.
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