NEW YORK–The stock market rose for a third straight day yesterday despite a report from the Federal Reserve that showed a growing chorus of central bank officials willing to raise interest rates sooner rather than later.In the bond market, prices fell and yields rose as investors prepared themselves for higher interest rates.
The Dow Jones industrial average rose 59.54 points, or 0.4 per cent, to 16,979.13. The Standard & Poor's 500 index rose 4.91 points, or 0.3 per cent, to 1,986.51, less than two points away from its late-July record close of 1,987.98.The Nasdaq composite was mostly unchanged on the day, falling 1.03 points, less than 0.1 per cent, to 4,526.48.
The majority of Fed policymakers believe the US economy is improving enough that the bank should start considering how it's going to start raising interest rates, according to minutes from the bank's latest meeting.The debate on when the Fed should raise interest rates, which have been near zero since 2008, has intensified in recent months as the central bank winds down its other economic stimulus.
AP