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US stocks accelerated Thursday, with the S&P 500 ending at a seven-week peak, as the Federal Reserve shed light on its decision to delay interest rate hikes.
According to the minutes of its meeting last September 16-17, the US central bank was almost ready to raise rates but decided to wait for proof of a global economic degeneration was not affecting the United States.
There's the absence of not-so-good news and some good news. If they were willing to wait for inflation to recoup, “willing to wait then for inflation to come back they're even more willing now,” said Brad McMillan, Chief Investment Officer at Commonwealth Financial.
Stocks, though muted at first, gained momentum as the session wore on. For the first time since August 18, the S&P ended above its 50-day moving average, gaining 17.6 points, or 0.88%, to 2,013.43. The Dow Jones industrial average climbed 138.46 points, or 0.82%, to 17,050.75. The Nasdaq composite accrued 19.64 points, or 0.41%, to 4,810.79.
Traders are preparing for the effect of sluggish global growth and a strong US dollar on third quarter earnings.
