Wall Street Rises as Consumer Stocks Gain; Fed Minutes Eyed
Adam Sarhan said that The market is breathing a sigh of relief with the nuclear tensions
having eased considerably and following a strong quarterly earnings season,
(Reuters) - The S&P and the Dow rose higher in late morning trading on Wednesday on gains from consumer
discretionary stocks, with investors awaiting the minutes on the latest Federal Reserve meeting.
However, recent hawkish comments by New York Fed chief William Dudley advocating for another rate hike this year
and strong retail sales data on Tuesday have upped the odds.
Policymakers unanimously decided to keep interest rates unchanged in the July 25-26 meeting
and said they planned to reduce the central bank’s massive holdings of bonds "relatively soon".