S&P 500 ekes out a record close as Fed plans to stick with easy policy
The S&P 500 gained slightly to hit a record high on Wednesday as minutes from the Federal Reserve’s last meeting showed the central bank’s commitment to accommodative policy in order to support a full economic recovery.
The broad equity benchmark rose 0.1% to 4,079.95, a new closing high. The Dow Jones Industrial Average rose 16.02 points, or 0.1%, to 33,446.26. The tech-heavy Nasdaq Composite dipped 0.1% to 13,688.84 even as Big Tech stocks registered solid gains. Amazon, Apple and Alphabet all climbed more than 1%, while Facebook jumped 2.2%.
Fed officials indicated at their last meeting that the pace of asset purchases will stay the same for some time while the central bank pursues its economic goals.
The policymakers expected the economy to rebound substantially in 2021 amid the historic economic reopening, and they believe stronger-than-average growth in the following years will continue to facilitate the labor-market recovery.
JPMorgan Chase CEO Jamie Dimon was optimistic about the U.S. economic comeback from the pandemic in his widely read annual letter released on Wednesday.
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