- Title: S&P 500 closes at record
- Date: 24th May 2017
- Summary: NEW YORK, NEW YORK, UNITED STATES (MAY 24, 2017) (REUTERS) (SOUNDBITE) (English) CATALYST FUNDS CHIEF INVESTMENT OFFICER DAVID MILLER, SAYING: "There's just not enough economic data to support that it's a good idea. We saw, you know, a little over a year back when they did raise rates the market wasn't quite ready for that. There are real risks by raising rates when the economy isn't ready for it."
- Embargoed: 7th June 2017 21:22
- Keywords: Federal Reserve interest rates stocks Dow Jones Industrial Average
- Location: NEW YORK CITY, NEW YORK, UNITED STATES
- City: NEW YORK CITY, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA0026I78BRH
- Aspect Ratio: 16:9
- Story Text: U.S. stocks ended up slightly on Wednesday (May 24), with the S&P 500 hitting a record high close, after minutes of the Federal Reserve's latest meeting showed policymakers view a rate hike coming soon.
But, according to the May 2-3 meeting minutes, they also agreed they should hold off on raising interest rates until they knew a recent U.S. economic slowdown was temporary.
Stocks were volatile following the minutes' release, but eventually added to small earlier gains. The S&P financial index, which fell right after the minutes came out, rebounded to end down just 0.04 percent. Banks tend to benefit from higher borrowing rates.
The Dow Jones Industrial Average was up 74.51 points, or 0.36 percent, to 21,012.42, the S&P 500 gained 5.97 points, or 0.25 percent, to 2,404.39 and the Nasdaq Composite added 24.31 points, or 0.40 percent, to 6,163.02.
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