Wall Street Turns Negative as Fed Signals June Rate Hike
Wall Street turned negative on Wednesday after minutes from the Federal Reserve's April policy meeting showed the U.S. central bank will likely raise interest rates in June if supported by economic data.
That view, expressed by most Fed policymakers at the last policy meeting, suggests the bank is much closer to lifting rates again than Wall Street had anticipated.
The Dow Jones industrial average <.DJI> was falling 15.48 points, or 0.09 percent, at 17,514.5, the S&P 500 <.SPX> was losing 0.86 points, or 0.04 percent, at 2,046.35 and the Nasdaq Composite <.IXIC> was adding 16.33 points, or 0.35 percent, at 4,732.06.
Financials, which are seen as benefiting in a rising rate environment, were the leading main S&P sector, up 1.5 percent. Seven of the 10 sectors were lower in afternoon trade.
(Editing by Don Sebastian and James Dalgleish)