Stocks Hold the Line After Fed Releases Minutes
U.S. stock market books modest loss as 10-year Treasury note falls to around 1.65%
U.S. stocks finished slightly lower Tuesday after the S&P 500 hit a record intraday high as investors weighed prospects for President Joe Biden’s $ 2.3 trillion infrastructure plan and a brightening outlook for the U.S. and global economy. A sharp pullback in bond yields was notable with the 10-year Treasury note yielding around 1.65%. The Dow Jones Industrial Average closed down 0.3% at about 33,430, the S&P 500 index ended 0.1% lower a about 4,073, a day after both indexes notched a record closing high. The Nasdaq Composite Index ended the session at about 13,698, slipping less than 0.1%. Equity markets in April have been mostly buoyant amid optimism that government spending, vaccine rollouts and the relaxation of restrictions are unleashing a spell of swift economic growth. Worries about the strength of the rebound and a powerful surge in inflation has weighed on bullish investors. Investors on Wednesday will be on the look out for an account of the Fed’s two-day policy meeting held last month, which could influence trading in the near term.