(Bloomberg) -- U.S. stocks added to their New Year's rally Wednesday as minutes from the Federal Reserve's latest policy meeting were released. Industries from retailers to automakers and banks all advanced.
The S&P 500 Index added 0.6 percent to 2,270.75 at 4 p.m. in New York after a 0.9 percent climb on the first day of the year that was the benchmark gauge's biggest advance in almost a month. The Dow Jones Industrial Average closed within 60 points of the 20,000 level, up 0.3 percent to 19,942.
- Russell 2000 up 1.6% for biggest gain in a month
- 9 of 11 sectors higher with energy and phones shares down 0.3%
- Materials stocks up 1.4% on back of 1.3% gain in Bloomberg Commodities Index
- Freeport-McMoRan, Mosaic and CF Industries all added at least 3.6%
- Discretionary stocks up 1.3% as staples shares gain 0.1%
- S&P 500 now trading back above 10-day moving average
- Fed meeting minutes indicated officials intended to maintain a gradual approach to raising interest rates even as risks of faster economic growth emerge
- A string of strong data from China and Europe helped U.S. stocks advance yesterday, ahead of Friday's payrolls report
- VIX down 7.8% for second straight decline; ended 2016 with biggest annual slump since 2013
- EARNINGS:
- Pre-market Thursday: Emmis Communications (EMMS), Park Electrochemical (PKE), RPM International (RPM), Walgreens Boots Alliance (WBA), Constellation Brands (STZ), Monsanto (MON), Schnitzer Steel Industries (SCHN)
- Investors Warm to Equity Volatility as Goldman Says Buy Value
- S&P 500 in ‘Bullish Holding Pattern,' Says JPMorgan's Hunter
- Risk to Stocks in 2017 Is Earnings Disappointment: BNP's Warther
- Global Bull Market to Continue at Least Until Mid-2017: UBS
- S&P 500 to Reach 2400 by End of 2017, Retreat in 2018: Stifel
- Trump's Boost Not Enough to Save Options Market in 2016: Chart
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--With assistance from Blaise Robinson To contact the reporter on this story: Oliver Renick in New York at orenick2@bloomberg.net. To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, Jeremy R. Cooke
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