Markets closed mixed, with an S&P 500 gain, after the FOMC released its December meeting minutes.
At 4:01 p.m. ET, the $Dow Jones Industrial Average (.DJI.US)$ preliminarily closed up 106.84 (0.25%) and the $S&P 500 Index (.SPX.US)$ ended higher, up 9.20 (0.16%) to 5,918.23. With its close above 5,881.63, this is a positive indicator, giving the market an 83% historic probability of a positive year as a whole. This is called the five-day theory.
The $Nasdaq Composite Index (.IXIC.US)$ had the sole honor of closing down, off 10.80 (0.06%) .
In the FOMC's December meeting minutes released at 2 p.m. ET, they revealed that nearly all committee members agreed that the risks of inflation rising further had increased. This has raised concerns among investors that there may be fewer rate cuts than anticipated this year.
The minutes said: “Almost all participants judged that upside risks to the inflation outlook had increased...In discussing the outlook for monetary policy, participants indicated that the Committee was at or near the point at which it would be appropriate to slow the pace of policy easing.”
On Thursday, markets are closed. The week ends on Friday with the release of the December jobs report.
