US stocks extend gains ahead of Fed minutes

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New York, Aug 22 (IANS) US stocks traded higher in the morning session on Tuesday, as investors awaited the minutes from the Federal Reserve’s latest meeting scheduled for release on Wednesday.

The Dow Jones Industrial Average climbed 111.61 points, or 0.43 per cent, to 25,870.30. The S&P 500 was up 13.71 points, or 0.48 per cent, to 2,870.76, Xinhua news agency reported.

The Nasdaq Composite Index rose 66.97 points, or 0.86 per cent, to 7,887.97.

Investors kept a close eye on the minutes for more clues on the Fed’s policy plans on interest rates.

Multiple media outlets on Monday reported that US President Donald Trump said he would continue criticizing the Fed should it continue to raise short-term interest rates, which the central bank has indicated it will do at a steady clip.

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The Fed’s annual economic symposium that will start later this week in Jackson Hole in the US state of Wyoming is also in focus.

Fed Chair Jerome Powell is due to deliver a speech on Friday, and the summit will be themed around the idea of changing market structure and the implications for monetary policy going forward.

–IANS

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