Growth stocks bounce as Treasury yields drop
Tesla jumps as Citigroup upgrades
Nordstrom falls on reduced profit forecast
Dow Jones Industrial closed at highest level since April
Dow up 0.28, SP 500 up 0.59, Nasdaq up 0.99
Nov 23 Reuters Wall Street39;s main indexes ended Wednesday with solid gains after the Federal Reserve39;s November meeting minutes showed interest rate hikes may slow soon.
A substantial majority of policymakers agreed it would likely soon be appropriate to slow the pace of interest rate hikes, the minutes showed.
What equity markets needed to see for the recent strength to continue was what we got from the minutes, said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
Since the Fed39;s last meeting on Nov. 12, investors have been more optimistic that price pressures have started to ease, meaning smaller rate hikes could curtail inflation.
The Dow Jones Industrial Average rose 95.96 points, or 0.28, to 34,194.06, the SP 500 gained 23.68 points, or 0.59, at 4,027.26 and the Nasdaq Composite added 110.91 points, or 0.99, at 11,285.32.
Trading volume was thin ahead of the Thanksgiving holiday on Thursday, with the U.S. stock market open for a halfsession on Friday.
Earlier on Wednesday, a mixed bag of economic data led to a drop in yield on the benchmark 10year Treasury note , helping drive stocks up.
The number of Americans filing new claims for unemployment benefits rose more than expected last week…