Wall Street breaks more records
( BBC ) - The Dow Jones and S& P 500 indexes both set new record highs on Tuesday after the release of the minutes of the Federal Reserves 18 September meeting.
The Dow Jones Industrial Average closed up 119.91 points or 0.85% at 14,163.64. The Standard & Poor's 500 index rose 12.55 points or 0.81% to 1,565.13.
The minutes showed that the Fed's inflation expectations were contained, making more rate cuts likely.
The Fed cut interest rates on 18 September from 5.25% to 4.75%.
"The likelihood of having a second cut either this month or at the December meeting seems greater than before the minutes," said Richard E Cripps from Stifel Nicolaus.
Traders were also encouraged by comments from Federal Reserve Bank of St Louis President William Poole who said he believed the financial markets were "still fragile" but that they appeared to be stabilising.