Investing.com – The Dow snapped a three-day winning streak Thursday, pressured by selling moments before the close, even as minutes from the Fed’s November meeting fueled expectations for a slower pace of rate hikes.
The fell 0.11%. The fell 0.22%, while the fell 0.25%.
The Fed’s minutes continued to tout the case for gradual rate hikes, but also showed that among Fed members about the impact on the economy of a possible overshoot on rate hikes.
“A couple of participants noted that the federal funds rate might currently be near its neutral level and that further increases in the federal funds rate could unduly slow the expansion of economic activity and put downward pressure on inflation and inflation expectations,” the minutes read.
The release of the minutes helped lift sentiment on stocks, but concerns over trade ultimately prevailed. The South China Morning Post reported that White House advisor Peter Navarro, a China trade hawk, would be attending the meeting between President Donald Trump and Chinese leader Xi Jinping in Buenos Aires at the G20.
A rally in energy supported the broader market, on the back of a rise in oil prices, following reports that Russia in a production cut expected to be announced at the enlarged OPEC+ meeting on Dec. 6.
Tech, meanwhile, added to gains from a day earlier, supported by FANG stocks.
Among FANGs, Netflix (NASDAQ:) rose more than 2% as the streaming giant unveiled plans to hike prices for subscribers in Canada.
On the earnings front, Dollar Tree (NASDAQ:) and Abercrombie & Fitch Company (NYSE:) were rewarded for beating third-quarter earnings estimates on both the top and bottom lines, sending their shares sharply higher.
Economic data offered some positive takeaways as , which accounts for large chuck of economy growth, remained robust. But and