Dow Jones, S&P 500 gain led by energy shares; Nasdaq down

Does the Fed really expect faster rate hikes?

Does the Fed really expect faster rate hikes?

However bond yields, which move in the opposite direction of prices, have since moderated.

Stocks gave up an early gain and ended lower on Wall Street as a late afternoon spike in bond yields sent investors heading to the exits.

Stocks careened into the red on Wednesday after the release of surprisingly hawkish Federal Reserve meeting minutes.

What are the main benchmarks doing? The index has been up for two straight weeks, representing its largest two week climb, up 4.6%, since November 18, 2016, according to WSJ Market Data Group.

The S&P technology index gained 0.3 as the sole major S&P sector on the plus side, buoyed by a gain of almost 2 per cent in the semiconductor sector. The two straight weeks of gains for the equity index, up 2.9% over that period, are its most since February 13, 2015. General Mills was the biggest percentage decline on S&P 500, falling 3.59 percent. It produced its best two-week stretch, up 6.7%, since October 31, 2014.

However, Nasdaq composite fell for the third straight session on Friday. Weekly moves for equities have been market by continued volatility as investors fret about rising borrowing costs and worries that resurgent inflation may prompt the Fed to hike interest rates at a quickened pace. The Hang Seng China Enterprises index fell 1.25 per cent to 12,528.64.

The Fed's summary comes ahead of newly minted Powell's testimony about the economy before Congress next week. Most recently, the 10-year Treasury note was down about basis points at 2.87%.

Despite Fed's hawkish views, bets in the U.


Markets have been choppy in recent weeks, falling more than 10 per cent from their January 26 high only to rebound last week with their best weekly gain in five years. The "Goldilocks" era of good growth, low rates, low inflation and an intractable rise in stock and bond prices is officially over.

What did the Fed minutes say?

Dish Network fell 2.4% after it revealed how many Sling TV subscribers it has for the first time as it looks to assure investors it can grow in new businesses while customers continue to drop their traditional television packages.

The focus is now on New York Fed President William Dudley, Cleveland Fed's Loretta Meister and their San Francisco counterpart, John Williams, who will be speaking later in the day.

Blue Buffalo Pet Products (BUFF.O) jumped 17.23 percent after General Mills (GIS.N) said it would buy the natural pet food maker for $8 billion.

An hour after the open, the publication of the German business confidence index, which fell more than expected in February, and a downward revision in United Kingdom economic growth cemented the gloom, although a rebound on Wall Street from losses in the previous day helped shares come off lows.

Shares of Xcerra Corp.(XCRA) could be active after the company that provides testing technology for semiconductors and electronics said it would terminate its sale to a Chinese group (http://www.marketwatch.com/story/xcerra-calls-off-580-million-deal-amid-scrutiny-2018-02-23), saying federal approval was too hard to get for the $580 million deal.

How are other assets performing?

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