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Wall Street up on cautious Fed

Wednesday, July 06, 2016 - 01:37

Stocks rose on Wednesday after minutes from the Fed's most recent meeting indicated they would hold back on raising rates soon. Bobbi Rebell reports.

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Wall Street edged higher as investors digested the minutes from the most recent Fed meeting, which indicated rate hikes should stay on hold until the consequences of Britain's vote to leave the European Union are more clear. The minutes also cited the weaker-than-expected May jobs report as a reason to keep rates steady. Investment advisor Rick Pitcairn: (SOUNDBITE) RICK PITCAIRN, CHIEF INVESTMENT OFFICER, PITCAIRN, (ENGLISH) SAYING: "I think, we've learned what we thought for a while that this Fed is going to be very reticent to raise rates. You can see that even though lots of people were criticizing them for that slowness that actually they turned out to be a little justified in waiting, watching what was going on in the UK, and that allowed them to not get out in front of that in a way that was viewed as a mistake." Investors continuing to look for safety on Wednesday sent gold to its highest level since 2014, and the benchmark ten-year U.S. treasury yield touched a record low. U.S. Crude oil exports rose to a record level in May, according foreign trade data from the U.S. Census Bureau. Encouraging economic news in the U.S. services sector. Activity hit a seven-month high in June thanks to a surge in new orders and companies hiring more workers. McDonald's is expanding its all-day breakfast menu this fall. The fast food giant has credited their decision last fall to offer popular breakfast foods at other meal times with boosting profits. Turning to Europe, the British pound was at a 31-year low with stocks falling on continued worries about the impact of Britain's decision to leave the European Union.

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Wall Street up on cautious Fed

Wednesday, July 06, 2016 - 01:37