The S&P 500 and Dow Jones Industrial Average closed at records Wednesday, with attention turning to the start of earnings season.
Investors have been largely upbeat lately, with strong economic data offsetting rising tensions in the Middle East and uncertainty over the U.S. elections.
Minutes from the Federal Reserve’s September meeting showed that officials were divided over how much to cut rates, but most favored the larger, half-point cut.
“The Federal Reserve appears to remain comfortable with where inflation is and trending,” Vanguard senior U.S. economist Josh Hirt said after the minutes were released. Stock and bond markets reacted little.
Meanwhile in Asia, China’s stimulus-driven rally continued to unwind, weighing on U.S.-listed companies like Alibaba.
Indexes rose, with the Dow industrials out front, closing up 1% to a record high 42512. The S&P 500 added 0.7% to also close at a record.
Treasury yields were broadly steady, with the 10-year at 4.065%.
Cruise lines jumped. Norwegian Cruise Line and Carnival were among the S&P 500’s best performers after analysts upgraded their stocks.
Boeing shares fell after negotiations broke down between the airplane-maker and its largest union.
Chinese stocks had another roller-coaster day: The Shanghai Composite dropped 6.6%, and its Hong Kong equivalent shed 1.4%.
Brent crude prices dropped 0.8% to $76.58 a barrel.
The Securities and Exchange Commission said it is monitoring the impact of Hurricane Milton on capital markets and may grant relief from filing deadlines and other regulatory requirements.
Listen to WSJ Minute Briefing’s audio summary of the day in markets.