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Stocks shave Tuesday's gains after Fed minutes

Wednesday, February 18, 2015 - 01:43

The Dow and the S&P 500 edged lower after minutes from the last Federal Reserve meeting suggest policymakers are in no rush to raise rates. Jeanne Yurman reports.

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The Dow and S&P 500 ticked slightly lower Wednesday - investors trying to sort out the minutes from the last Federal Reserve meeting which highlighted policymakers' desire to keep interest rates lower for longer. The minor pullback in stocks comes a day after the S&P closed above 2100 for the first time. US markets have been acting fairly bullish in the face of a weak global economy with the S&P 500 up nearly four percent this month. But senior advisor Ken Moraif at wealth management firm Money Matters warns the bull market will end this year. SOUNDBITE: KENNETH MORAIF, SENIOR ADVISOR, MONEY MATTERS (ENGLISH) SAYING: "What we're telling our clients is, stay invested. This is the time to make money this year. But towards the end of this year, we'll probably be getting out of the market." A big blast at an ExxonMobil refinery in California - injuring at least four employees. Supply concerns would normally drive up oil prices, but crude was under pressure one day after billionaire investor Warren Buffett dumped shares of ExxonMobil and Chevron. More travelers booking more rooms at higher rates lifted quarterly revenue and profit at Hilton Worldwide. Marriott International also beat fourth quarter estimates. Investors cheered Boston Scientific's deal to settle its old breach-of-merger lawsuit with Johnson & Johnson, sending shares up. Johnson & Johnson had lost a bidding war for Guidant to Boston Scientific back in 2005. J&J shares slipped. Economic data was mixed. Plunging producer prices pointed to disinflationary pressures, while housing starts fell last month and industrial output edged higher. In Europe, shares rose to a seven-year high as investors bet that Greece would reach a debt deal with its lenders.

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Stocks shave Tuesday's gains after Fed minutes

Wednesday, February 18, 2015 - 01:43