8 Oct 2014
US stocks close in a huge rally amid FOMC minutes
FXStreet (San Francisco) - Wall Street performed its best day of the year as investors welcomed FOMC minutes upbeat Costco earnings report. Stocks recovered Tuesday's sellof.
FOMC minutes commented participants' concern about strong USD as well as a debate about the the possibility to revamp forward guidance. USD reacted down while gold jumped and oil was down too. Minutes showed a dovish Fed; so investors assumed the Fed will have additional problems to hike rates anytime soon.
The Dow Jones rallied 274.83 points or 1.64% to finish at 16,994.22; the S&P 500 added 33.79 pts or 1.75% to close the day at 1,968.89; while the Nasdaq Composite won 83.39 pts or 1.90% to 4,468.59.
FOMC minutes commented participants' concern about strong USD as well as a debate about the the possibility to revamp forward guidance. USD reacted down while gold jumped and oil was down too. Minutes showed a dovish Fed; so investors assumed the Fed will have additional problems to hike rates anytime soon.
The Dow Jones rallied 274.83 points or 1.64% to finish at 16,994.22; the S&P 500 added 33.79 pts or 1.75% to close the day at 1,968.89; while the Nasdaq Composite won 83.39 pts or 1.90% to 4,468.59.