Stocks in the United States moved slightly higher on Wednesday as investors reviewed the latest
minutes from the Federal Reserve. The Dow Jones Industrial Average gained 69.86 points, or 0.23%, to
31,037.68. The S&P 500 added 0.36% to 3,845.08. The tech-centric Nasdaq Composite rose 0.35% to close at 11,361.85. The stock market bounced after the Federal Reserve released its minutes from its
June meeting, indicating that the central bank was committed to bringing down inflation. The minutes of the meeting on July 26 and 27 indicate that there is also a possibility of another 50-basis point or 75-
basis point move. A basis point is one one-hundredth of 1 percentage point.

Defensive plays and utilities were some of the best performers on Wednesday. Shares of Northrop
Grumman jumped 3.8%, while UnitedHealth Group added nearly 2%. Constellation Energy climbed more than 3%. High-quality tech stocks also performed well, with Cisco Systems and Adobe each adding 1.7% and Microsoft gaining 1.3%. Bond yields extended their gains for the day after the release of the Fed
minutes, suggesting that investors may be pricing in a more aggressive central bank. That would reassure some equity investors, who want the central bank to slow inflation so the economy can normalize more quickly. Wednesday’s movements follow a reversal intraday in the previous session. Three consecutive sessions have seen the S&P 500 and Nasdaq Composite gain ground. The S&P 500 is on a three-day winning streak for the first time since late May.