Wall Street erases gains to close little higher after Trump's announcement
|After recording solid gains in the first half of the session, major equity indexes in the U.S. reversed course and closed the day slightly higher.
After two more CEOs resigned from the manufacturing council on Wednesday, President Donald Trump, via his official Twitter account, announced that he was ending the manufacturing council and the strategy and policy forum. In a statement following Trump's decision, the forum said "intolerance, racism, and violence have absolutely no place in this country."
Commenting on the decision, "that throws a little bit more doubt into the president's abilities to push his policies through," David Schiegoleit, managing director of investments at U.S. Bank Private Wealth Management in Newport Beach, California, told Reuters.
On the other hand, the Fed's July meeting minutes released today showed that policymakers unanimously decided to keep interest rates unchanged and the Committee reiterated that it was planning to begin shrinking the balance sheet "relatively soon". However, members also voiced their concerns over the slowdown in inflation, keeping the rate hike expectations in check.
The Dow Jones Industrial Average added 25.88 points, or 0.12%, to 22,024.87, the S&P 500 gained 4 points, or 0.16%, to 2,467.75 and the Nasdaq Composite closed at 6,338.27., up 5.26 points, or 0.08%.
Headlines from the U.S. session
- Forex today: dollar and US yields drop on FOMC minutes
- Trump business policy forum says disbanding due to 'distraction' - Reuters
- DXY extends the downside post FOMC minutes
- CME Group FedWatch's December hike probability edged higher after FOMC minutes
- FOMC Minutes: Policymakers agreed a fall in longer-term inflation expectations would be undesirable
- U.S. President Trump ends Manufacturing Council & Strategy Policy forum
- US GDP tracking update raised- Nomura
- CEO of 3M leaves President Donald Trump's Manufacturing Advisory Council - CNBC
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