The stock market closed mixed Wednesday after the release of the Fed meeting minutes caused some short-term volatility.
XThe Nasdaq composite, helped by strength in semiconductor shares, rose a fraction and made it an eighth straight daily advance by a minimal amount. It held above its important 200-day moving average. The Philadelphia semiconductor index rallied nearly 0.9%. The S&P 500 climbed 0.2% thanks to strength in energy, utility, financial and materials sectors.
The Dow Jones Industrial Average also rose 0.2%, supported by Caterpillar (CAT) and DowDuPont (DWDP). The two industrial giants rose more than 3% each, though they remain deep in corrections. Boeing (BA), the highest priced component on the Dow, added 1% and made a new high.
Small caps performed better, with the Russell 2000 up 0.4% on the day.
Leading stocks lagged badly, with the Innovator IBD 50 (FFTY) ETF down 0.5%. The underperformance by the top stocks added a tarnish to Wednesday's overall market gains.
Trade Desk (TTD) sank 7% in heavy trade after Stifel downgraded the stock to hold from buy. It was the biggest loser on the IBD 50. Spirit Airlines (SAVE) descended 6% and is nearly 7% below the 62.07 buy point of a breakout in early February.
Volume rose from Tuesday's levels. Breadth was better than the market as a whole, with winners over losers in a 3-to-2 ratio on the NYSE and by 6-to-5 on the Nasdaq.
Fed Minutes Cause Some Movement
Minutes of the January Fed meeting confirmed indications that quantitative tightening, the shrinking of the Fed balance sheet as securities mature, will end this year.
Investors didn't exactly know how to react to the minutes. Indexes initially rose, then pulled back and eventually went back to the price trends that existed before the minutes came out.
The minutes did impact gold prices, which reversed modestly lower. Still, three gold mining companies broke out. Anglo American (NGLOY) rose past the 13.09 buy point of a saucer with handle base. Barrick Gold (GOLD) cleared the 13.83 buy point of a cup with handle but closed below the entry. Buenaventura (BVN) broke out past a 16.93 buy point.
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