U.S. stocks erased losses as minutes from the Federal Reserve’s last meeting showed many officials want to see further progress in the employment market before the central bank slows the pace of bond purchases.
The Standard & Poor’s 500 Index rose 0.1% to 1,653.59,
after falling as much as 0.3% earlier. The index rallied 2.4% in the
previous four days as better-than-estimated employment data eased
concern over a scaling back of Fed stimulus. The Dow Jones Industrial
Average added 15.60 points, or 0.2%, to 15,315.94 today.
Minutes from the central bank’s June 18-19 meeting,
released today in Washington, showed that while several members judged
that a reduction in asset purchases “would likely soon be warranted,”
many officials want to see more signs employment is picking up before
they’ll begin slowing the pace of $85 billion in monthly bond purchases.
“The market’s pretty convinced that the Fed’s not going to
do anything to dramatically change the liquidity that they’re pumping
into the system, and the minutes support that,” Scott Wren, the St.
Louis, Missouri-based senior equity strategist at Wells Fargo Advisors
LLC, which oversees about $1.3 trillion, said by telephone.
Family Dollar Stores Inc. added 8% as the retailer’s earnings topped
analyst estimates. Hewlett-Packard Co. rose 2.6% after Citigroup Inc.
advised investors to buy the stock. Financial companies fell the most
out of 10 S&P 500 groups as Bank of America Corp. and Wells Fargo
& Co. slumped more than 1%. Nabors Industries Ltd. fell 6.1% after
forecasting operating income below analysts’ estimates.
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