U.S. equities traded higher on Wednesday as investors cheered the Federal Reserve's plan for scaling back its massive $4.5 trillion balance sheet.
The U.S. dollar slipped on Wednesday, after minutes of the latest Federal Reserve meeting showed policymakers agreed they should hold off on raising interest rates until they see evidence that a recent economic slowdown was transitory. The dollar index (.DXY), which tracks the greenback against six major rivals, was down 0.17 percent to 97.184, after falling as low as 97.093. The minutes were the latest indication of the Fed's heightened caution over policy tightening since the central bank began lifting rates from near zero in December 2015.
NEW YORK (AP) — U.S. stocks are up for the fifth consecutive day Wednesday as the market continues to wipe out the losses it suffered one week ago. Technology companies are rising, but energy companies are down with the price of oil. Banks and bond yields have weakened as the Federal Reserve gave more signs it will start reducing its huge portfolio of bonds later this year.