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DJ INDUSTRIAL

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S&P gains, Treasury yields reverse losses in wake of Fed minutes

04/07/2021 | 04:45pm EDT
FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange, in New York City, U.S.

NEW YORK (Reuters) - The S&P 500 and the Dow closed modestly higher and Treasury yields reversed slight losses after the Federal Reserve, in minutes of its latest meeting, said that the economic recovery remains far from complete despite showing signs of progress.

The Nasdaq ended the session nominally lower, and economically sensitive small caps and transports crossed the finish line well into negative territory.

"Today is noncommittal, not much going on, not much conviction one way or another," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. "We're in a wait-and-see period, in that transition between not a lot happening, just before earnings begin in a couple of weeks."

The U.S. Federal Reserve released the minutes from its most recent monetary policy meeting, in which the participants expressed caution about ongoing risks of the pandemic and reiterated the Fed's commitment to an accommodative stance until the rebound was more secure.

The minutes contained few surprises and appear to have been baked in to the markets.

"The Fed (minutes were) more of the same, it will be a while before we see changes in their policy decisions," Pavlik added. "You saw a little bit of a bounce in the markets but it's faded."

The Dow Jones Industrial Average rose 16.02 points, or 0.05%, to 33,446.26, the S&P 500 gained 6.01 points, or 0.15%, to 4,079.95 and the Nasdaq Composite dropped 9.54 points, or 0.07%, to 13,688.84.

European stocks inched lower, closing just below record highs, while optimism over speedy inoculations and the soft pound sterling powered the UK's exporter-laden FTSE 100's 0.9% advance.

The pan-European STOXX 600 index lost 0.22% and MSCI's gauge of stocks across the globe gained 0.07%.

Emerging market stocks lost 0.61%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.57% lower, while Japan's Nikkei rose 0.12%.

U.S. Treasury yields regained some ground after dipping following the release of the Fed minutes, which reinforced expectations that interest rates will remain near zero for some time.

Benchmark 10-year notes last fell 4/32 in price to yield 1.6686%, down from 1.656% late on Tuesday.

The 30-year bond last fell 25/32 in price to yield 2.3549%, up from 2.316% late on Tuesday.

The dollar slightly advanced against a basket of world currencies after oscillating for much of the session, rising in the wake of the Fed minutes release.

The dollar index rose 0.08%, with the euro down 0.03% to $1.1872.

The Japanese yen weakened 0.05% versus the greenback at 109.83 per dollar, while the British pound was last trading at $1.3733, down 0.65% on the day.

Crude oil prices rose on an improving global economic outlook, but were held in check by rising gasoline inventories.

U.S. crude settled at $59.77 per barrel, up 0.74%, while Brent gained 0.67% to settle at $63.16 per barrel.

Gold prices dipped as economic optimism drew investors away from the safe-haven metal in favor of riskier assets.

Spot gold dropped 0.4% to $1,737.11 an ounce. U.S. gold futures settled 0.1% lower at $1,741.6.

Graphic: How financial markets have performed over the last week

(Reporting by Stephen Culp in New York; Additional reporting by Marc Jones; Editing by Matthew Lewis)

By Stephen Culp


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.04% 0.55469 Delayed Quote.-0.70%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.32% 0.64256 Delayed Quote.2.33%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.35% 0.7738 Delayed Quote.0.24%
BRITISH POUND / EURO (GBP/EUR) -0.30% 1.15847 Delayed Quote.3.17%
BRITISH POUND / US DOLLAR (GBP/USD) -0.28% 1.39492 Delayed Quote.1.05%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.15% 0.569866 Delayed Quote.0.48%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.42% 0.660158 Delayed Quote.3.70%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.43% 0.7948 Delayed Quote.1.74%
DJ INDUSTRIAL -0.87% 33775.85 Delayed Quote.11.74%
DOW JONES FXCM DOLLAR INDEX -0.02% 11740.99 Delayed Quote.0.49%
EURO / BRITISH POUND (EUR/GBP) 0.29% 0.86318 Delayed Quote.-3.04%
EURO / US DOLLAR (EUR/USD) -0.01% 1.204 Delayed Quote.-2.03%
FTSE 100 -2.00% 6859.87 Delayed Quote.8.35%
GOLD 0.34% 1777.358 Delayed Quote.-6.39%
INDIAN RUPEE / BRITISH POUND (INR/GBP) -0.44% 0.00951 Delayed Quote.-3.07%
INDIAN RUPEE / EURO (INR/EUR) -0.70% 0.011012 Delayed Quote.0.06%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.75% 0.01326 Delayed Quote.-1.94%
LONDON BRENT OIL -1.25% 66.3 Delayed Quote.28.41%
NASDAQ 100 -0.97% 13778.887222 Delayed Quote.7.91%
NASDAQ COMP. -1.20% 13752.529768 Delayed Quote.7.96%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.07% 0.71819 Delayed Quote.-0.74%
NIKKEI 225 -1.97% 29100.38 Real-time Quote.8.17%
S&P 500 -0.90% 4126.36 Delayed Quote.11.43%
S&P GSCI CRUDE OIL INDEX -2.50% 341.8282 Delayed Quote.30.24%
S&P GSCI GOLD INDEX 0.38% 1034.9909 Delayed Quote.-6.57%
STOXX EUROPE 600 -1.90% 433.8 Delayed Quote.10.81%
STOXX EUROPE 600 NR -1.87% 963.37 Delayed Quote.11.61%
US DOLLAR / BRITISH POUND (USD/GBP) 0.27% 0.716949 Delayed Quote.-1.05%
US DOLLAR / EURO (USD/EUR) 0.01% 0.830482 Delayed Quote.2.08%
WTI -1.89% 62.349 Delayed Quote.30.34%
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