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Stocks post small gains after Fed minutes

Wednesday, August 17, 2016 - 01:27

Wall Street ended slightly higher after the Fed minutes showed members were divided over whether to raise rates soon. Bobbi Rebell reports.

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U.S. stocks were slightly higher Wednesday. Minutes from the Federal Reserve's last policy meeting showed some voting members expect an interest rate hike will be needed soon. But policymakers also said they would look at more data before making a move. Erin Gibbs of S&P Advisory Services: SOUNDBITE: ERIN GIBBS. EQUITY CHIEF INVESTMENT OFFICER, S&P ADVISORY SERVICES (ENGLISH) SAYING: "There are several places where they say they want to accumulate more data. They reference the affect that the Brexit had and then again also some softness in the labor market when it comes to the participation rate, so I think overall most of the statement was just saying their expectations are unchanged, and to me, that says it is not going to happen in September." Big layoffs at Cisco Systems. The network equipment maker saying it would lay off up to 5,500 employees or nearly 7 percent of its workforce. Cisco also reported a two percent drop in quarterly revenue. Target stock dropping after the sixth-largest retailer cut its fiscal-year profit outlook. Quarterly sales fell because of low demand for electronics and a weak start to the revamp of its grocery business. Lowe's shares taking a hit. The home improvement chain's quarterly sales rose but missed estimates. Turning to Europe red across the board for the major country indexes on several weak earnings results.

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Stocks post small gains after Fed minutes

Wednesday, August 17, 2016 - 01:27