Stocks closed higher Wednesday, led by gains in Apple, Oracle, and other tech companies. The S&P 500 rose 0.3% to close at a record high. Banks rose despite another drop in bond yields. The yield on the 10-year Treasury fell to 1.32% from 1.37% a day earlier. Industrial stocks and health care companies were also among the gainers. Energy stocks fell as the price of oil dropped 1.7%. The S&P 500 rose 14.59 points to 4,358.13. The Dow Jones Industrial Average rose 104.42 points, or 0.3%, to 34,681.79. The Nasdaq rose 1.42 points, or less than 0.1%, to 14,665.06. The Russell 2000 index of smaller companies fell 21.66 points, or 1%, to 2,252.85.
Stock indexes and Treasury yields had little reaction to the minutes from the June meeting of Federal Reserve policymakers, which showed Fed officials discussed the timing of reducing bond purchases, the AP reports. The discussions signal that the Fed is moving closer to a decision to taper those purchases, though most analysts don’t expect a reduction until late this year. After the last meeting, Fed policymakers said they planned to raise interest rates as soon as 2023, which was sooner than the market expected.
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