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Stock market news today: S&P 500, Dow fall after Fed minutes signal continued rate hikes

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Alexandra Semenova
Alexandra Semenova·Reporter
Marry, February 22, 2023 at 4:05 PM EST·3 min read
In this article:

^IXIC
-0.01%

^GSPC
-0.07%

^DJI
-0.34%

U.S. stocks shut blended after rough exchanging Wednesday as financial backers pored over minutes from the Central bank’s last gathering recently for pieces of information on its best course of action.

[Click here to peruse what’s moving business sectors on Thursday, Feb. 23.]

The most recent readout from the U.S. national bank’s Jan. 31-Feb. 1 social occasion showed authorities were determined to continuing with “progressing increments” yet open to arriving at an endpoint not long from now.

The S&P 500 (^GSPC) declined 0.2%, while the Dow Jones Modern Normal (^DJI) slipped around 80 focuses, or 0.3%. The innovation weighty Nasdaq Composite (^IXIC) was an exception, edging up 0.1%.

“Members agreed that the Government Open Market Board had gained huge headway throughout the last year in pushing toward an adequately prohibitive position of financial strategy,” the minutes said.

“All things considered, that’s what members concurred, while there were signs that the aggregate impact of the Advisory group’s fixing of the position of financial arrangement had started to direct inflationary tensions, expansion stayed well over the Council’s more drawn out run objective of 2% and the work market remained extremely close.”

Conversations additionally mirrored that most individuals leaned toward the more modest 0.25% expansion conveyed during the most recent arrangement choice yet some in the gathering favored raising rates by 50 premise focuses.

Cleveland Took care of President Loretta Mester conceded in a discourse last week she would have leaned toward the more sizable climb however authorities would have rather not shocked the business sectors, which were estimating in 0.25%.

“The most terrible of expansion might be in the back view yet it stays well over the Federal Reserve’s objective,” Mike Loewengart, head of model portfolio development at Morgan Stanley’s Worldwide Speculation Office said in a note. “Primary concern is that many market headwinds aren’t disappearing and financial backers ought to anticipate that unpredictability should remain as they parse over the effect rates being higher for longer will have.”

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