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Overnight Markets: Wall Street gains after Fed minutes

by Himanshu Singh on May 22, 2014 at 04:14

Overnight Markets: Wall Street gains after Fed minutes

Wall Street rose on Wednesday, rebounding from the previous day's broad selloff, after Federal Reserve policy makers said continued stimulus doesn’t risk sparking a jump in the inflation rate.

The Dow Jones industrial average rose 159 points or 0.97%, to 16,533, the S&P 500 gained 15 points or 0.81%, to 1,888 and the Nasdaq Composite added 35 points or 0.85%, to 4,132.

Minutes of the Fed meeting showed the Fed staff presented several approaches to raising short-term interest rates, but said the discussion was simply "prudent planning" and not a sign rate increases would come any time soon.

Retail stocks were once again in the spotlight. Tiffany & Co (TIF.N) jumped 9.1% as one of the best performers on the S&P 500 after the jewelry retailer raised its full-year profit forecast. Netflix Inc. (NFLX) rose 5.1% after saying it will expand its online-video service in Europe.

Target Corp (TGT.N) reported lower quarterly profit but showed signs of progress in efforts to rebuild customer confidence. The stock ended 1% higher.

Goldman Sachs (GS.N) was the top gainer on the blue chip index, up 1.9%.

Among internet stocks, Facebook Inc. added 3.3%, while TripAdvisor Inc. and LinkedIn Corp. rose more than 1.9%. Exxon Mobil advanced 1.4% and Chevron increased 1.4%.

In Asia, shares gained for the first time in five days on Thursday in late morning trade after Fed minutes showed policy makers see a muted risk of inflation from continued US stimulus and a China manufacturing gauge exceeded estimates.

The MSCI Asia Pacific index gained 0.9% to 140 as of 9:57 a.m. in Hong Kong. Hang Seng Index gained 0.7% and the Shanghai Composite Index rose 0.3%.

Japan’s Topix index added 0.9%. Australia’s S&P/ASX 200 Index rose 0.9% and South Korea’s Kospi index was up 0.5%. New Zealand’s NZX 50 Index advanced 0.3%. Taiwan’s Taiex Index gained 0.6% and Singapore’s Straits Times Index added 0.2%.

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