The Standard & Poor’s 500 index closed higher on Wall Street on Wednesday, led by gains in shares of major growth companies, such as Amazon.com, Microsoft and Alphabet, but JPMorgan shares fell and weighed on the benchmark index, despite the bank reporting better-than-expected earnings.
The Standard & Poor’s 500 added gains after the release of the minutes of the September meeting of the Federal Reserve’s monetary policy-making committee.
The meeting minutes showed that US central bank policy makers indicated that they may start reducing support for the pandemic-related economy in mid-November, but they remained divided on the scale of the threat posed by high inflation and how quickly they need to raise interest rates.
Earlier on Wednesday, a report from the Labor Department showed that consumer prices in the United States increased at a strong pace in September, which strengthens the case for an increase in interest rates from the Federal Reserve.
The benchmark Standard & Poor’s 500 index ended the trading session up 13.15 points, or 0.30 percent, to 4,363.80 points, while the Nasdaq Composite Index rose 105.71 points, or 0.73 percent, to close at 14,571.64 points.
Close the cursor Dow Jones Industrial, up 4.35 points, or 0.01 percent, to 3,4382.69 points.
The article, Wall Street closed higher, supported by gains in growth stocks, was written in Al Borsa Newspaper.