Investing.com – US stocks rose on Wednesday, as investors continued to digest clues about interest rates from the Federal Reserve.
At 3:24 PM EST (19:24 GMT), the stock was up 409 points, or 1%, gained 0.6%, and added 0.5%.
Fed meeting minutes show a majority of members support the deep cut
While a “large majority” of Fed policymakers supported a large interest rate cut by the central bank in September, there were signs that some members would prefer to start the rate-cutting cycle with a more modest cut due to concerns about the strength of the economy, according to a new report. . Minutes from the Federal Reserve’s September 17-18 meeting were released on Wednesday.
The minutes were somewhat outdated as data since the September meeting pointed to stronger economic growth, dampening investor bets on another round of big interest rate cuts.
Last week’s strong jobs data raised doubts about how much momentum the Federal Reserve has to keep cutting interest rates at a rapid pace. Traders saw an 81.1% chance of a 25 basis point cut in November, while chance rates of 18.9% would remain unchanged, according to .
The Fed cut interest rates by 50 basis points in September and indicated that future cuts would still depend on inflation and the labor market.
It is scheduled for a Thursday in September.
Google (NASDAQ:) is facing a possible breakup
Alphabet (NASDAQ:) stock fell 2% on news that the US Department of Justice is considering possible sanctions against Google’s owner, in the wake of a landmark antitrust case that found the group guilty of abusing its dominant market position.
The Justice Department is considering “behavioral and structural remedies” that would prevent Google from using products like its web browser, app store or operating system to benefit its search business over its competitors, according to a federal court filing Tuesday.
“For more than a decade, Google has dominated the most popular distribution channels, leaving competitors with little or no incentive to compete for users,” the Justice Department added.
Reddit Inc (NYSE:) rose marginally after Jefferies initiated coverage of the stock with a buy rating based on expectations that higher user growth could boost earnings.
Boeing Company (NYSE:) stock fell more than 3% as the aircraft maker faces an ongoing strike from International Association of Machinists union workers after withdrawing a contract offer it made to the union.
Arcadium lithium (NYSE:) stock rose 31% after global mining company Rio Tinto (NYSE:) agreed to acquire its US counterpart in a $6.7 billion cash deal, according to a statement issued on Wednesday.
(Peter Nourse and Ambar Warrick contributed to this article.)