Stocks closed lower today, even a lift caused by the Fed's meeting minutes couldn't change the tide.
The S&P lost 0.7%, the DOW lost 0.5% and the Nasdaq was down by 1.3%
Retail stocks that led the market yesterday lost after Target earnings.
The Fed meeting minutes indicated that the officials think they need to keep increasing, but they also agree that they should be cautious while doing so, markets read this well, temporarily increasing while most investors think the next rate increase is likelier to be 50%.
The key sentence from the minutes was this: "Participants judged that, as the stance of monetary policy tightened further, it likely would become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflation."
In Turkey, the BIST ended 2.9% higher, led by a 7.8% surge in the banking index, its best day this year so far. This is thought to be a "historical" day for the banking sector.
The Stoxx Europe 600 slipped 0.9%, while Asian stocks closed higher.
Sources: Yahoo Finance, Reuters
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