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U.S. stocks ended solidly higher on Tuesday, led by a 1% gain in the Nasdaq, on relief that Federal Reserve Chair Jerome Powell refrained in a speech from commenting on rate policy.

In his first public appearance of the year, Powell said at a forum sponsored by the Swedish central bank that the Fed's independence is essential for it to battle inflation.

Recent comments by other Fed officials have supported the view that the central bank needs to remain aggressive in raising interest rates to control inflation. Fed Governor Michelle Bowman said on Tuesday the bank will have to raise interest rates further to combat high inflation.

"Everybody hangs on every word from the Fed," said Tim Ghriskey, senior portfolio strategist at Ingalls &amp; Snyder in New York. Powell "didn't really say anything" about policy, he added.

Investors anxiously awaited the U.S. consumer prices index report Thursday, which is expected to show some moderation in year-on-year prices in December.

Traders are betting on a 25-basis point rate hike at the Fed's upcoming policy meeting in February.

"There are some indications that inflation is slowing significantly. What investors are really looking for is a gap down in major inflation data that could probably get the Fed's attention," Ghriskey said.

Amazon.com Inc. (AMZN.O) shares rose 2.9% and gave the Nasdaq and S&amp;P 500 their biggest boosts.

The Dow Jones Industrial Average (.DJI) rose 186.45 points, or 0.56%, to 33,704.1; the S&amp;P 500 (.SPX) gained 27.16 points, or 0.70%, at 3,919.25; and the Nasdaq Composite (.IXIC) added 106.98 points, or 1.01%, at 10,742.63.

Shares of Microsoft Corp (MSFT.O) rose 0.8%, a day after Semafor, citing people familiar with the matter, reported that the tech company was in talks to invest $10 billion in ChatGPT-owner OpenAI.

Communications services (.SPLRCL) was the day's best-performing sector, while energy (.SPNY) rose along with oil prices.

This week marks the start of the fourth-quarter earnings season for S&amp;P 500 companies, with results from several of Wall Street's biggest banks due later this week.

Shares of investment bank Jefferies Financial Group (JEF.N) rose 3.8% on Tuesday, a day after it posted its second-best year for investment banking revenue. It also reported a 52.5% slump in fourth-quarter profit.

Analysts expect overall S&amp;P 500 earnings to have declined 2.2% in the fourth quarter from a year ago, according to IBES data from Refinitiv, as worries about rising rates and the economy mounted.

Some investors are hoping for signs that the Fed may soon take a break after raising the federal funds rate seven times in 2022.

The World Bank on Tuesday slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies.

Volume on U.S. exchanges was 10.02 billion shares, compared with the 10.91 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered decliners on the NYSE by a 2.33-to-1 ratio; on Nasdaq, a 2.45-to-1 ratio favored advancers.

The S&amp;P 500 posted four new 52-week highs and no new lows; the Nasdaq Composite recorded 71 new highs and 30 new lows.

Wall Street ends higher, Jerome Powell comments avoid rate policy

In his first public appearance of the year, Powell said at a forum sponsored by the Swedish central bank that the Fed's independence is essential for it to battle inflation.

U.S. stocks ended solidly higher on Tuesday, led by a 1% gain in the Nasdaq, on relief that Federal Reserve Chair Jerome Powell refrained in a speech from commenting on rate policy.

In his first public appearance of the year, Powell said at a forum sponsored by the Swedish central bank that the Fed's independence is essential for it to battle inflation.

Recent comments by other Fed officials have supported the view that the central bank needs to remain aggressive in raising interest rates to control inflation. Fed Governor Michelle Bowman said on Tuesday the bank will have to raise interest rates further to combat high inflation.

&quot;Everybody hangs on every word from the Fed,&quot; said Tim Ghriskey, senior portfolio strategist at Ingalls &amp;amp; Snyder in New York. Powell &quot;didn't really say anything&quot; about policy, he added.

Investors anxiously awaited the U.S. consumer prices index report Thursday, which is expected to show some moderation in year-on-year prices in December.

Traders are betting on a 25-basis point rate hike at the Fed's upcoming policy meeting in February.

&quot;There are some indications that inflation is slowing significantly. What investors are really looking for is a gap down in major inflation data that could probably get the Fed's attention,&quot; Ghriskey said.

Amazon.com Inc. (AMZN.O) shares rose 2.9% and gave the Nasdaq and S&amp;amp;P 500 their biggest boosts.

The Dow Jones Industrial Average (.DJI) rose 186.45 points, or 0.56%, to 33,704.1; the S&amp;amp;P 500 (.SPX) gained 27.16 points, or 0.70%, at 3,919.25; and the Nasdaq Composite (.IXIC) added 106.98 points, or 1.01%, at 10,742.63.

Shares of Microsoft Corp (MSFT.O) rose 0.8%, a day after Semafor, citing people familiar with the matter, reported that the tech company was in talks to invest $10 billion in ChatGPT-owner OpenAI.

Communications services (.SPLRCL) was the day's best-performing sector, while energy (.SPNY) rose along with oil prices.

This week marks the start of the fourth-quarter earnings season for S&amp;amp;P 500 companies, with results from several of Wall Street's biggest banks due later this week.

Shares of investment bank Jefferies Financial Group (JEF.N) rose 3.8% on Tuesday, a day after it posted its second-best year for investment banking revenue. It also reported a 52.5% slump in fourth-quarter profit.

Analysts expect overall S&amp;amp;P 500 earnings to have declined 2.2% in the fourth quarter from a year ago, according to IBES data from Refinitiv, as worries about rising rates and the economy mounted.

Some investors are hoping for signs that the Fed may soon take a break after raising the federal funds rate seven times in 2022.

The World Bank on Tuesday slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies.

Volume on U.S. exchanges was 10.02 billion shares, compared with the 10.91 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered decliners on the NYSE by a 2.33-to-1 ratio; on Nasdaq, a 2.45-to-1 ratio favored advancers.

The S&amp;amp;P 500 posted four new 52-week highs and no new lows; the Nasdaq Composite recorded 71 new highs and 30 new lows.

The S&amp;P 500 index (.SPX) erased early gains to close nearly flat on Monday as expectations that the Federal Reserve will become less aggressive with its interest rate hikes were offset by lingering worries about inflation.

The Dow ended lower, and the Nasdaq Composite (.IXIC) ended well off the day's highs.

Investors are awaiting comments Tuesday from Fed Chair Jerome Powell, who some strategists expect could say more time is needed to show inflation is under control.

Money market bets were showing 77% odds of a 25-basis point hike in the Fed's February policy meeting.

A consumer prices report due Thursday could be key for rate expectations, said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina. "The CPI report this week is going to be essential for fine-tuning the Fed funds futures market."

Investors also may have sold some shares after recent strong market gains, said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. "You're seeing a little bit of profit-taking ahead of the CPI number due out this week."

The technology sector (.SPLRCT) gained as Treasury yields fell. Consumer discretionary stocks (.SPLRCD) also rose, with Amazon.com Inc (AMZN.O) up 1.5% after Jefferies said it saw cost pressures easing for the e-commerce giant in the second half of the year.

Also, S&amp;P 500 companies are about to kick off the fourth-quarter earnings period, with results from top U.S. banks expected later this week.

The Dow Jones Industrial Average (.DJI) fell 112.96 points, or 0.34%, to 33,517.65, the S&amp;P 500 (.SPX) lost 2.99 points, or 0.08%, to 3,892.09 and the Nasdaq Composite (.IXIC) added 66.36 points, or 0.63%, to 10,635.65.

Shares of Broadcom Inc (AVGO.O) fell in late trading to end down 2% after Bloomberg, citing people familiar with the matter, reported that Apple Inc (AAPL.O) plans to drop a Broadcom chip in 2025 and use an in-house design instead.

Friday's jobs report, which showed a moderation in wage increases, lifted hopes that the Fed might become less aggressive in its rate-hike push to reduce inflation.

Tesla Inc (TSLA.O) shares rose 5.9% after the electric-vehicle maker indicated longer waiting times for some versions of the Model Y in China, signaling the recent price cuts could be stoking demand.

Macy's Inc (M.N) fell 7.7% and Lululemon Athletica Inc (LULU.O) dropped 9.3% after both retailers issued disappointing holiday-quarter forecasts.

Volume on U.S. exchanges was 11.35 billion shares, compared with the 10.90 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered decliners on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored advancers.

The S&amp;P 500 posted 13 new 52-week highs and two new lows; the Nasdaq Composite recorded 129 new highs and 32 new lows.

S&P 500 near flat as investors weigh chances of less aggressive rate hikes

The Dow ended lower, and the Nasdaq Composite (.IXIC) ended well off the day's highs.

The S&amp;amp;P 500 index (.SPX) erased early gains to close nearly flat on Monday as expectations that the Federal Reserve will become less aggressive with its interest rate hikes were offset by lingering worries about inflation.

The Dow ended lower, and the Nasdaq Composite (.IXIC) ended well off the day's highs.

Investors are awaiting comments Tuesday from Fed Chair Jerome Powell, who some strategists expect could say more time is needed to show inflation is under control.

Money market bets were showing 77% odds of a 25-basis point hike in the Fed's February policy meeting.

A consumer prices report due Thursday could be key for rate expectations, said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina. &quot;The CPI report this week is going to be essential for fine-tuning the Fed funds futures market.&quot;

Investors also may have sold some shares after recent strong market gains, said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. &quot;You're seeing a little bit of profit-taking ahead of the CPI number due out this week.&quot;

The technology sector (.SPLRCT) gained as Treasury yields fell. Consumer discretionary stocks (.SPLRCD) also rose, with Amazon.com Inc (AMZN.O) up 1.5% after Jefferies said it saw cost pressures easing for the e-commerce giant in the second half of the year.

Also, S&amp;amp;P 500 companies are about to kick off the fourth-quarter earnings period, with results from top U.S. banks expected later this week.

The Dow Jones Industrial Average (.DJI) fell 112.96 points, or 0.34%, to 33,517.65, the S&amp;amp;P 500 (.SPX) lost 2.99 points, or 0.08%, to 3,892.09 and the Nasdaq Composite (.IXIC) added 66.36 points, or 0.63%, to 10,635.65.

Shares of Broadcom Inc (AVGO.O) fell in late trading to end down 2% after Bloomberg, citing people familiar with the matter, reported that Apple Inc (AAPL.O) plans to drop a Broadcom chip in 2025 and use an in-house design instead.

Friday's jobs report, which showed a moderation in wage increases, lifted hopes that the Fed might become less aggressive in its rate-hike push to reduce inflation.

Tesla Inc (TSLA.O) shares rose 5.9% after the electric-vehicle maker indicated longer waiting times for some versions of the Model Y in China, signaling the recent price cuts could be stoking demand.

Macy's Inc (M.N) fell 7.7% and Lululemon Athletica Inc (LULU.O) dropped 9.3% after both retailers issued disappointing holiday-quarter forecasts.

Volume on U.S. exchanges was 11.35 billion shares, compared with the 10.90 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered decliners on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored advancers.

The S&amp;amp;P 500 posted 13 new 52-week highs and two new lows; the Nasdaq Composite recorded 129 new highs and 32 new lows.

S&amp;P 500 near flat as investors weigh chances of less aggressive rate hikes

Wall Street's main indexes all gained more than 2% on Friday after December payrolls expanded more than expected even as wage increases slowed and services activity contracted, easing worries about the Federal Reserve's interest rate hiking path.

US nonfarm payrolls rose by 223,000 jobs in December, Labor Department data showed, while a 0.3% rise in average earnings was smaller than expected and less than the previous month's 0.4%.

In another set of data, U.S. services activity declined for the first time in more than 2-1/2 years in December as demand weakened, with more signs of inflation easing.

"We got good news on the inflation front with wage gains that are slowing. We got participation rates pick up again and yet we're still creating jobs. It's a kind of a win-win for the economy. And on the other side the ISM services report was really weak and broadly weak," said Megan Horneman, chief investment officer at Verdence Capital Management in Hunt Valley, Maryland.

"That's basically making people think the Fed is nearing the end of what's been one of the most aggressive tightening cycles we've seen in decades. That's why the markets are taking off."

The Dow Jones Industrial Average rose 700.53 points, or 2.13%, to 33,630.61; the S&amp;P 500 gained 86.98 points, or 2.28%, at 3,895.08; and the Nasdaq Composite added 264.05 points, or 2.56%, at 10,569.29.

Friday's rally boosted the benchmark S&amp;P and the Nasdaq enough to snap four weeks of declines. For the holiday-shortened week, the S&amp;P rose 1.45% while the Nasdaq added 0.98% and the Dow advanced by 1.46%.

For the gains, John Augustine, chief investment officer at Huntington National Bank in Columbus, Ohio, pointed to a calming of anxiety that the Fed would raise rates so much that it causes a recession.

"Today's reports may alleviate that pressure to force a recession. They may already have slowed down the economy enough. They just need validation from inflation reports."

Still the Fed last month projected an a interest rate target peak of around 5% and said it would keep rates high until inflation is where it wants it to be.

Fed officials on Friday acknowledged cooling wage growth and other signs of a gradually slowing economy, with Atlanta President Raphael Bostic hinting at the chance of a quarter percentage point hike at the next policy meeting.

But Huntington's Augustine said the central bank needs to see further slowing of price increases in the December inflation report, due out on Thursday, before deciding whether to slow its next rate hike. It raised rates 50 basis points in December.

Also next week several of the biggest U.S. banks including JPMorgan and Bank of America will kick off the fourth-quarter earnings season on Friday.

"That's the part of the puzzle people haven't been able to figure out. How much should earnings estimates be cut for the calendar year or have they been cut enough?" said Horneman at Verdence.

All the major S&amp;P 500 indexes gained with materials' 3.44% increase leading the pack. Interest-rate sensitive technology was next with a 2.99% gain.

The weakest sector was healthcare, which rose 0.89% followed by energy's 1.68% increase.

Consumer staples was boosted by Costco Wholesale Corp, whose shares jumped 7% after the membership-only retailer reported strong December sales growth.

Shares in Biogen Inc closed up 2.8% after the U.S. Food and Drug Administration on Friday approved the Alzheimer's drug lecanemab developed by Eisai Co Ltd and Biogen for patients in the earliest stages of the disease. Eisai's U.S. shares closed up 4% at $64.20.

Pfizer Inc shares advanced 2.5% after reports of talks with China to secure a license that will allow domestic drugmakers to manufacture and distribute a generic version of the U.S. company's COVID-19 antiviral drug Paxlovid in China.

Bed Bath &amp; Beyond Inc tumbled 22% after Reuters reported that the home goods retailer was preparing to seek bankruptcy protection in coming weeks.

Advancing issues outnumbered decliners on the NYSE by a 6.69-to-1 ratio; on Nasdaq, a 2.59-to-1 ratio favored advancers.

The S&amp;P 500 posted 18 new 52-week highs and five new lows; the Nasdaq Composite recorded 97 new highs and 65 new lows.

On US exchanges 11.15 billion shares changed hands compared with the 10.84 billion average for the full session over the last 20 trading days.

Wall St rallies as jobs, services data calm rate hike worries

The Dow Jones Industrial Average rose 700.53 points, or 2.13%, to 33,630.61; the S&P 500 gained 86.98 points, or 2.28%, at 3,895.08; and the Nasdaq Composite added 264.05 points, or 2.56%, at 10,569.29.

Wall Street's main indexes all gained more than 2% on Friday after December payrolls expanded more than expected even as wage increases slowed and services activity contracted, easing worries about the Federal Reserve's interest rate hiking path.

US nonfarm payrolls rose by 223,000 jobs in December, Labor Department data showed, while a 0.3% rise in average earnings was smaller than expected and less than the previous month's 0.4%.

In another set of data, U.S. services activity declined for the first time in more than 2-1/2 years in December as demand weakened, with more signs of inflation easing.

&quot;We got good news on the inflation front with wage gains that are slowing. We got participation rates pick up again and yet we're still creating jobs. It's a kind of a win-win for the economy. And on the other side the ISM services report was really weak and broadly weak,&quot; said Megan Horneman, chief investment officer at Verdence Capital Management in Hunt Valley, Maryland.

&quot;That's basically making people think the Fed is nearing the end of what's been one of the most aggressive tightening cycles we've seen in decades. That's why the markets are taking off.&quot;

The Dow Jones Industrial Average rose 700.53 points, or 2.13%, to 33,630.61; the S&amp;amp;P 500 gained 86.98 points, or 2.28%, at 3,895.08; and the Nasdaq Composite added 264.05 points, or 2.56%, at 10,569.29.

Friday's rally boosted the benchmark S&amp;amp;P and the Nasdaq enough to snap four weeks of declines. For the holiday-shortened week, the S&amp;amp;P rose 1.45% while the Nasdaq added 0.98% and the Dow advanced by 1.46%.

For the gains, John Augustine, chief investment officer at Huntington National Bank in Columbus, Ohio, pointed to a calming of anxiety that the Fed would raise rates so much that it causes a recession.

&quot;Today's reports may alleviate that pressure to force a recession. They may already have slowed down the economy enough. They just need validation from inflation reports.&quot;

Still the Fed last month projected an a interest rate target peak of around 5% and said it would keep rates high until inflation is where it wants it to be.

Fed officials on Friday acknowledged cooling wage growth and other signs of a gradually slowing economy, with Atlanta President Raphael Bostic hinting at the chance of a quarter percentage point hike at the next policy meeting.

But Huntington's Augustine said the central bank needs to see further slowing of price increases in the December inflation report, due out on Thursday, before deciding whether to slow its next rate hike. It raised rates 50 basis points in December.

Also next week several of the biggest U.S. banks including JPMorgan and Bank of America will kick off the fourth-quarter earnings season on Friday.

&quot;That's the part of the puzzle people haven't been able to figure out. How much should earnings estimates be cut for the calendar year or have they been cut enough?&quot; said Horneman at Verdence.

All the major S&amp;amp;P 500 indexes gained with materials' 3.44% increase leading the pack. Interest-rate sensitive technology was next with a 2.99% gain.

The weakest sector was healthcare, which rose 0.89% followed by energy's 1.68% increase.

Consumer staples was boosted by Costco Wholesale Corp, whose shares jumped 7% after the membership-only retailer reported strong December sales growth.

Shares in Biogen Inc closed up 2.8% after the U.S. Food and Drug Administration on Friday approved the Alzheimer's drug lecanemab developed by Eisai Co Ltd and Biogen for patients in the earliest stages of the disease. Eisai's U.S. shares closed up 4% at $64.20.

Pfizer Inc shares advanced 2.5% after reports of talks with China to secure a license that will allow domestic drugmakers to manufacture and distribute a generic version of the U.S. company's COVID-19 antiviral drug Paxlovid in China.

Bed Bath &amp;amp; Beyond Inc tumbled 22% after Reuters reported that the home goods retailer was preparing to seek bankruptcy protection in coming weeks.

Advancing issues outnumbered decliners on the NYSE by a 6.69-to-1 ratio; on Nasdaq, a 2.59-to-1 ratio favored advancers.

The S&amp;amp;P 500 posted 18 new 52-week highs and five new lows; the Nasdaq Composite recorded 97 new highs and 65 new lows.

On US exchanges 11.15 billion shares changed hands compared with the 10.84 billion average for the full session over the last 20 trading days.

The S&amp;P 500 finished higher on Wednesday but below its session peak after volatile trading following the release of minutes from the Federal Reserve's last meeting, which showed officials laser-focused on controlling inflation even as they agreed to slow their interest rate hiking pace.

Officials at the Fed's Dec. 13-14 policy meeting agreed the U.S. central bank should continue increasing the cost of credit to control the pace of price increases, but in a gradual way intended to limit the risks to economic growth.

Investors were poring over the Fed's internal deliberations for clues about its future path. After the meeting, Fed Chair Jerome Powell had said more hikes were needed, and took a more hawkish tone than investors had expected back then.

While some money managers said the minutes included no surprises, the market appeared to have been holding onto hopes for some sign that the Fed was at least considering easing its policy tightening.

"The market is like a kid asking for ice cream. The parents say 'no,' but the market keeps asking because the parents have caved in the past," said Burns McKinney, portfolio manager at NFJ Investment Group LLC in Dallas. "The market still thinks it's going to get ice cream, just not as soon as they thought before."

McKinney pointed to the minutes for evidence of Fed officials' concern that an unwarranted easing of financial conditions would complicate their efforts to fight inflation.

The Dow Jones Industrial Average (.DJI) rose 133.4 points, or 0.4%, to 33,269.77; the S&amp;P 500 (.SPX) gained 28.83 points, or 0.75%, to 3,852.97; and the Nasdaq Composite (.IXIC) added 71.78 points, or 0.69%, to 10,458.76.

The S&amp;P's rate-sensitive technology index (.SPLRCT) lost some ground after the minutes before finishing up 0.26%. Even the bank sector (.SPXBK), which benefits from higher rates, pared gains but still finished up 1.9%.

Energy (.SPNY) was the weakest of the S&amp;P's 11 major industry sectors, closing up 0.06%, while real estate (.SPLRCR) was the strongest, closed up 2.3%, followed by a 1.7% gain in materials (.SPLRCM).

Also on Wednesday, Minneapolis Fed President Neel Kashkari also stressed the need for continued rate hikes, setting out his own forecast that the policy rate should initially pause at 5.4%.

"The Fed minutes are a good reminder for investors to expect rates to remain high throughout all of 2023. Amid a persistently strong job market, it makes sense that fighting inflation remains the name of the game for the Fed," said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office in New York.

"Bottom line is that, even though we flipped the calendar, the market headwinds from last year remain.”

Market participants now see a 68.8% chance of a 25 basis points rate hike from the Fed in February, but still see rates peaking just below 5% by June. .

Earlier in the day, data showed U.S. job openings in November indicating a tight labor market, giving the Fed cover to stick to its monetary tightening campaign for longer, while other data showed manufacturing contracted further in December.

U.S. equities were pummeled in 2022 on worries of a recession due to aggressive monetary policy tightening, with the three main stock indexes logging their steepest annual losses since 2008.

On the Nasdaq 100 (.NDX) the largest gainer was U.S. shares of JD.Com Inc , which rose 14.7% on hopes for a post-COVID-19 recovery in China. The largest decliner was Microsoft , down 4.4% after a UBS analyst downgraded the stock to "neutral" from a "buy" rating.

Advancing issues outnumbered declining ones on the NYSE by a 4.30-to-1 ratio; on Nasdaq, a 2.74-to-1 ratio favored advancers.

The S&amp;P 500 posted five new 52-week highs and no new lows; the Nasdaq Composite recorded 84 new highs and 51 new lows.

On U.S. exchanges 11.35 billion shares changed hands, compared with the 10.83 billion-share average for the last 20 trading days, which included some volume weakness due to the holidays.

S&P closes higher after Fed minutes confirm inflation focus

Officials at the Fed's Dec. 13-14 policy meeting agreed the U.S. central bank should continue increasing the cost of credit to control the pace of price increases, but in a gradual way intended to limit the risks to economic growth.

The S&amp;amp;P 500 finished higher on Wednesday but below its session peak after volatile trading following the release of minutes from the Federal Reserve's last meeting, which showed officials laser-focused on controlling inflation even as they agreed to slow their interest rate hiking pace.

Officials at the Fed's Dec. 13-14 policy meeting agreed the U.S. central bank should continue increasing the cost of credit to control the pace of price increases, but in a gradual way intended to limit the risks to economic growth.

Investors were poring over the Fed's internal deliberations for clues about its future path. After the meeting, Fed Chair Jerome Powell had said more hikes were needed, and took a more hawkish tone than investors had expected back then.

While some money managers said the minutes included no surprises, the market appeared to have been holding onto hopes for some sign that the Fed was at least considering easing its policy tightening.

&quot;The market is like a kid asking for ice cream. The parents say 'no,' but the market keeps asking because the parents have caved in the past,&quot; said Burns McKinney, portfolio manager at NFJ Investment Group LLC in Dallas. &quot;The market still thinks it's going to get ice cream, just not as soon as they thought before.&quot;

McKinney pointed to the minutes for evidence of Fed officials' concern that an unwarranted easing of financial conditions would complicate their efforts to fight inflation.

The Dow Jones Industrial Average (.DJI) rose 133.4 points, or 0.4%, to 33,269.77; the S&amp;amp;P 500 (.SPX) gained 28.83 points, or 0.75%, to 3,852.97; and the Nasdaq Composite (.IXIC) added 71.78 points, or 0.69%, to 10,458.76.

The S&amp;amp;P's rate-sensitive technology index (.SPLRCT) lost some ground after the minutes before finishing up 0.26%. Even the bank sector (.SPXBK), which benefits from higher rates, pared gains but still finished up 1.9%.

Energy (.SPNY) was the weakest of the S&amp;amp;P's 11 major industry sectors, closing up 0.06%, while real estate (.SPLRCR) was the strongest, closed up 2.3%, followed by a 1.7% gain in materials (.SPLRCM).

Also on Wednesday, Minneapolis Fed President Neel Kashkari also stressed the need for continued rate hikes, setting out his own forecast that the policy rate should initially pause at 5.4%.

&quot;The Fed minutes are a good reminder for investors to expect rates to remain high throughout all of 2023. Amid a persistently strong job market, it makes sense that fighting inflation remains the name of the game for the Fed,&quot; said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office in New York.

&quot;Bottom line is that, even though we flipped the calendar, the market headwinds from last year remain.”

Market participants now see a 68.8% chance of a 25 basis points rate hike from the Fed in February, but still see rates peaking just below 5% by June. .

Earlier in the day, data showed U.S. job openings in November indicating a tight labor market, giving the Fed cover to stick to its monetary tightening campaign for longer, while other data showed manufacturing contracted further in December.

U.S. equities were pummeled in 2022 on worries of a recession due to aggressive monetary policy tightening, with the three main stock indexes logging their steepest annual losses since 2008.

On the Nasdaq 100 (.NDX) the largest gainer was U.S. shares of JD.Com Inc , which rose 14.7% on hopes for a post-COVID-19 recovery in China. The largest decliner was Microsoft , down 4.4% after a UBS analyst downgraded the stock to &quot;neutral&quot; from a &quot;buy&quot; rating.

Advancing issues outnumbered declining ones on the NYSE by a 4.30-to-1 ratio; on Nasdaq, a 2.74-to-1 ratio favored advancers.

The S&amp;amp;P 500 posted five new 52-week highs and no new lows; the Nasdaq Composite recorded 84 new highs and 51 new lows.

On U.S. exchanges 11.35 billion shares changed hands, compared with the 10.83 billion-share average for the last 20 trading days, which included some volume weakness due to the holidays.

Name		Price	Change	Change%
DOW	Dow Inc	56.48	1.20	2.16
CAT	Caterpillar	250.60	3.98	1.61
VZ	Verizon	41.96	0.59	1.43
AMGN	Amgen	273.94	3.82	1.41
GS	Goldman Sachs	357.42	4.42	1.25

Name		Price	Change	Change%
BA	Boeing	206.71	-1.86	-0.89
UNH	UnitedHealth	486.00	-4.06	-0.83
KO	Coca-Cola	62.13	-0.48	-0.77
JNJ	J&J	175.12	-0.46	-0.26
PG	P&G	151.85	-0.19	-0.12

Name		Price	Market Cap (in billion US $)
AAPL	Apple	130.70	2,079.19
MSFT	Microsoft	228.84	1,705.88
JNJ	J&J	175.12	457.85
UNH	UnitedHealth	486.00	454.09
V	Visa	221.04	416.33

Fund	AUM $	1 Y	3 Y	5 Y	Exp. Ratio
Franklin India Feeder - Franklin U.S. Opportunities Fund - Growth	2760.63	-23.95%	5.5%	10.55%	1.54
ICICI Prudential US Bluechip Equity Fund - Growth	2501.27	-3.51%	11.65%	13.92%	2.23
ICICI Prudential NASDAQ 100 Index Fund - Direct Plan - Growth	433.95	-20.45%	0%	0%	0.5
IDFC US Equity Fund of Fund - Direct Plan - Growth	313.62	-10.25%	0%	0%	0.58
Nippon India US Equity Opportunities Fund - Growth	510.9	-14.07%	6.67%	11.23%	2.45
Aditya Birla Sun Life NASDAQ 100 FOF - Direct Plan - Growth	129.98	-21.27%	0%	0%	0.13
Motilal Oswal Nasdaq 100 ETF (MOSt Shares NASDAQ 100)	4830.3	-21.11%	12.62%	16.4%	0.58
DSP US Flexible Equity Fund - Direct Plan - Growth	722	-0.33%	14.1%	13.42%	1.51
Edelweiss US Technology Equity FOF - Growth	1474.28	-28.67%	0%	0%	2.37
Edelweiss US Value Equity Offshore Fund - Regular Plan - Growth	87.74	4.73%	11.9%	11.47%	2.37

US Markets

02:29
Dow Jones 33,704.10 186.45 (0.56%)

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Nasdaq 10,742.63 106.98 (1.01%)

02:29
S&P 500 3,919.25 27.16 (0.70%)

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US Markets

02:29 Dow Jones 33,704.10 186.45 (0.56%)

02:16 Nasdaq 10,742.63 106.98 (1.01%)

02:29 S&P 500 3,919.25 27.16 (0.70%)

ADVANCE / DECLINE

02:29
Dow Jones 33,704.10 186.45 (0.56%)

02:16
Nasdaq 10,742.63 106.98 (1.01%)

02:29
S&P 500 3,919.25 27.16 (0.70%)