U.S. Stocks were in rally overnight, with the Dow Jones Industrial Average closing just 58 points just a few inches away from the historic 20,000 – point level.
The Minutes of the meeting by the U.S. Federal Reserve that was held last December meeting was recently released toward the end of yesterday’s overnight trading sessions. The market seemed to be unmoved and there was little to no reaction from the markets.
The Fed raised interest rates at last month’s meeting. This was the second time in a few years, and it is rumored that the Feds will raise interest rates for at least three more times this year 2017.
The minutes of the meeting revealed that the Central Bank was concerned about the risks to interest rates from President-elect Donald Trump’s proposed fiscal stimulus measure.
With just two weeks before Mr. Trump takes the office, investors were eagerly looking for detail on his proposed policies, which include tax cuts and increased government spending like infrastructure projects.
In Corporate News, General Motors, Ford and Fiat Chrysler shares went up dramatically after reporting that last month posted positive sales throughout the United States. The annual selling rate is expected to be about 17.5 million units of motor vehicles.
In other regions, European shares saw pressure, with European retailers were under the spotlight. Companies like Marks & Spencer tumbled by 6.1 percent and the owner of Primark, Associated British Foods fell by 3 percent.