On Wednesday, US benchmark equity indexes experienced an uptick as traders carefully analyzed the minutes from the Federal Reserve's monetary policy meeting held in September. The Dow Jones Industrial Average saw a notable increase of 1.1%, closing at 42,528.7. Similarly, the S&P 500 rose by 0.7%, reaching 5,793.4, while the Nasdaq Composite advanced by 0.6%, settling at 18,290.9.
Within the various sectors, technology and health care emerged as the front runners, showcasing the largest gains, whereas utilities found themselves leading a small group of decliners. Insights from the FOMC meeting, held on September 17-18, were particularly revealing. Some members of the Federal Open Market Committee expressed support for a 25-basis-point cut in interest rates last month.
However, the meeting minutes detailed that ultimately, only one policymaker dissented against a more aggressive approach, which involved a half-percentage-point reduction in rates. In the bond market, the US 10-year yield experienced a modest rise of 2.8 basis points, reaching 4.06%. In contrast, the two-year rate increased by 3.6 basis points, touching 4.02%.
Meanwhile, the commodity market reflected a slight decline in West Texas Intermediate crude oil prices, which fell 0.2% to $73.45 per barrel..