The minutes from the Federal Reserve's meeting last month underscored policymakers' resolve to combat hot inflation, but also suggested a potential pause in its rate-hike campaign.
Tech stocks were able to push past earlier weakness and score a third straight win. Apple and Amazon made gains in the session. The S&P 500 advanced in 10 of the 11 groups. As oil prices fell, the energy sector didn't do as well.
The release of minutes from the Federal Open Market Committee's meeting in June resulted in stocks ending the day higher.
The minutes said that many participants thought that elevated inflation could become entrenched if the public questioned the resolve of the committee to adjust the stance of policy. The minutes said that "clear and effective communications" would be important in restoring price stability. The interest rates were hiked in June.
The US index was at 4:00 p.m.
The possibility of a pause at the end of the year is new, and extremely important, according to the chief investment officer at Cornerstone Wealth.
With the fed funds rate expected to be near or above estimates of its longer-run level later this year, it would be well positioned to determine the appropriate pace of further policy tightening.
Rate policymakers were already thinking about where the appropriate level was to stop tightening policy in June.
The US and its allies have been talking about capping the price of Russian oil at a certain level.
The euro fell close to the US dollar. Europe's dependence on Russian energy and the European Central Bank's overreaction to a jump in regional bond yields made the shared currency un buyable.
The flagship fund of Ray Dalio's firm posted a 32% return through the first half of the year.
The price of oil fell. The price of West Texas Intermediate crude fell to $98.64 per barrel. The international benchmark fell 4% to $100.60
The yellow metal fell to a price of $1,760.80 per ounce. The 10-year Treasury yield went up.
The price of the virtual currency fell to $20,413.11.
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