Stocks rose after the release of the Fed minutes, sending the S&P 500 to a record high. Fred Katayama reports.
Wall Street rose slightly after the release of the Fed minutes Wednesday. Central bank policymakers agreed to hold off hiking interest rates until they see proof that the recent econmic slowdown is transitory. That pushed bank stocks lower. Catalyst Funds' David Miller says he thinks the Fed may hold off hiking rates in June. DAVID MILLER, CHIEF INVESTMENT OFFICER, CATALYST FUNDS (ENGLISH) SAYING: "There's just not enough economic data to support that it's a good idea. We saw, you know, a little over a year back when they did raise rates the market wasn't quite ready for that. There are real risks by raising rates when the economy isn't ready for it." SOUNDBITE: Retailers posted disappointing earnings. Tiffany's quarterly existing store sales fell worldwide for the sixth straight quarter. Those results by the upscale jeweler also pulled down shares of Signet Jewelers, which reports results on Thursday. Lowe's shares fell after the home improvement retailer's rising quarterly comparable sales fell far short of analysts' estimates. Separately, U.S. home resales fell in April. A chronic housing shortage kept prices high and sidelined prospective buyers. Shares of industrial gas supplier Praxair rose. It reached an agreement on details of its $70 billion proposed merger with its German peer, Linde. European shares struggled to gain momentum. Strength in bank and oil shares offset weakness in miners and autos.