Consumer Discretionary Fuels SP500 Higher, Fed’s Minutes Awaited
U.S. stocks rose ahead of the release of the Federal Reserve’s December meeting minutes on Wednesday. The benchmark S&P500 added 0.55% to 2270.35 with gains led by consumer discretionary stocks.
Investors are waiting for the Fed’s minutes for its latest meeting when it decided to raise rate for just the second time in a decade. As the central bank is expected to accelerate its rate-hike speed in 2017, markets will be scrutinizing the bank’s viewpoint about President-elect Donald Trump’s pledge of fiscal stimulus.
The S&P 500 witnessed 9 out of 11 sectors trading higher, with consumer discretionary topping the market. While stocks of consumer discretionary contributed to a rise of 1.62%, telecommunications and energy were riding a decline.
Buy Stop at 2270.00, Take profit at 2277.00, Stop loss at 2265.00