U.S. markets traded in positive territory during the first half of Wednesday’s action but in a tight range ahead of the Fed minutes. The indexes gained strength heading into the news and traded significantly higher following dovish statements made by the Fed. However, volatility returned as the major indexes gave up their gains to finish mostly in the red.
The Dow declined 0.7% after testing an intraday peak of 25,267 before closing below the 25,000 for the second-straight session. The S&P 500 slipped 0.6% after racing to a high of 2,747 and was able to hold the 2,700 level for the fourth-straight session despite the late day weakness.
The Nasdaq dipped 0.2% despite testing an intraday high of 7,338 to extend its losing streak to 3-straight sessions. The index has been holding the 7,200 level for 4-straight sessions and is just over 1% above its 50-day moving average.
Bucking the trend was the Russell 2000 after rising 0.1% while trading to a high of 1,555. However, resistance at 1,550 and the 50-day moving average continues to be a stickler and levels that failed to hold into the closing bell.
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