US stocks finish higher after Fed minutes indicate cautious approach to future rate hikes
US stocks climbed Wednesday for a fourth straight day after minutes of the Federal Reserve's December meeting indicated that policy makers plan to take a cautious approach to future interest rate hikes.
"Many participants expressed the view that, especially in an environment of muted inflation pressures, the committee could afford to be patient about further policy firming," the minutes said.
The Dow Jones Industrial Average climbed 91 to 23,878. The tech-laden Nasdaq was up 0.87% to 6,957.59.
Apple Inc (NASDAQ:AAPL) was the best performer among the 30 companies on the Dow index, rising 1.8% to $153.31, after a report that the company was reducing planned production of its three new iPhone models by about 10%.
Caterpillar Inc (NYSE:CAT) rallied on the prospect of a trade agreement between the US and China, climbing 1.4% to $131.63 before losing steam to finish the day at $130.27. A significant share of the company's business is done in China.
The broader-based S&P 500 Index advanced 0.4% to 2,584.96.
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