US shares prolongs profits on Fed minutes
April 10, 2014 8:32 amVideo
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US stocks stretched its gains, Treasury bonds snipped losses, and the dollar receded as investors took a dovish stance of the minutes of the Federal Reserve’s policy meeting last month.
The S&P 500 equity index ended 1.1% higher, 1.3% down from intraday record high of 1,897 struck on Friday. The Nasdaq Composite index leaped 1.7%. Also, US government bonds pulled in buyers, with the yield on the 10-year Treasury went up 1 basis point at 2.70%, but fell from the day’s high of 2.72%.
The US dollar’s value versus a basket of currencies dropped 0.3%, as the euro escalated 0.4% to $1.3853. However, the dollar inched higher against the Japanese yen. The Federal Open Market Committee meeting in March distressed markets following the Fed officials raised their median forecast for interest rates by the end of 2015 – called “dot plot” – and Fed Chair Janet Yellen seemed to signal the first rate hike could happen some months earlier than anticipated.
But the minutes of the meeting looked to support Yellen’s statements the US central bank’s policy statement gave a better indication of the possible rates path than the “dots charts”. Moreover, Fed made no reference to her suggestion the first rate hike could materialize six months after the conclusion of its asset purchase program.
The material has been provided by InstaForex Company – www.instaforex.com
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