US benchmarks at new records
TSX closes higher
FOMC minutes indicate gradual rate rises
Wall Street shares notched up new record at the close as the FOMC minutes showed less of a hawkish stance on rate rises than may have been expected.
Several Fed officials indicated at last month’s meeting that they believe it would be longer than previously thought to get inflation back to the 2% target.
Bu the minutes also showed there was a desire to hike rates another time, but that rises would be at a gradual rate
The Dow Jones added over 42 points at 22,872, the Nasdaq gained 16.30 at 6,603 and the S&P 500 added 4.60 at 2,555.
In Toronto , the TSX added almost 40 at 15,802.
Delta Air Lines Inc (NYSE: DAL) shares flew 0.70% higher as its results also beat forecasopped forecasts.
This is a treatment for glaucoma, and according to the FDA website is effective in lowering eye pressure.
US stocks were higher with just half an hour or so before the publication of the previous month's FOMC minutes.
The Dow Jones was up over 12 points at 22,864, while the S&P 500 added 1.04 at 2,551.
The Nasdaq is up 5.08 at 6,592.
In Toronto, the TSX is up by over 39 points at 15,809.
In the September meeting, the US central bank announced plans to start reducing its balance sheet by US$10 billion per month.
David Madden, at London-based CMC Markets, said: "The unwinding of the balance sheet was expected and it’s a sign the US economy is strong enough to operate will less assistance. Interest rates were kept on hold at the meeting, and the Fed admitted they couldn’t explain why inflation is relatively weak.
"Traders will be trying to decipher the language and figure out if the bank will hike interest rates in December."
US stocks started little changed as the market awaits the closely watched Fed minutes from last month's meeting.
The Dow Jones is up almost six points at 22,836 at the time of writing, while the S&P 500 is down 0.12 at 2,550.
The tech heavy Nasdaq is down 1.55 at 6,585.
The oil price is up 0.10% to US$50.97 each.
In Toronto, the TSX was down over 33.20 at 15,803.
Kroger Company (NYSE:KR) is top riser on S&P 500, adding 5.75% to US$ 21.71, while Fastenal (NYSE:FAST) is among the biggest laggards as the goods distributor highlighted higher employee costs and the impact of hurricanes on its third-quarter earnings.
Three years ago, the firm said it wanted to build beyond the Coach brand.