The S&P 500 and the Dow Jones industrial average indexes held their modest gains on Wednesday after U.S. Federal Reserve meeting minutes did little to clarify expectations on the timing for its next interest rate hikes. Roselle Chen reports.
In breaking news, Wells Fargo Chairman and CEO John Stumpf is retiring, and President Tim Sloan is taking over as chief executive. Modest gains for U.S. stocks after minutes from the most recent Fed meeting failed to bring any new information about the timing of the next rate hike. Art Hogan of Wunderlich Securities. (SOUNDBITE) ART HOGAN, DIRECTOR OF RESEARCH & CHIEF MARKET STRATEGIST, WUNDERLICH SECURITIES, (ENGLISH) SAYING: "Obviously it looks like December is the most logical choice. And nothing in the minutes really dissuades us from that. I think it's going to take something large like another Brexit or some catastrophe or some terrible data to get them to not hike." The dollar rose to a seven-month high against a basket of major currencies. On the trading floor, Humana was S&P's biggest loser after U.S. government cut its quality rating on Humana Medicare plans, a move that could affect how much the government pays the company in 2018. Cybersecurity company Fortinet cut its third-quarter revenue and outlook. The stock plunged, taking shares of competitors - Palo Alto and FireEye - along for the ride. In Europe, shares fell slightly with Sweden's Ericsson slumping to eight-year lows after issuing a profit warning.