Stock Market Today: Stocks Sprint Higher After Fed Minutes

As the broader stock market gained ground, U.S. crude futures fell into bear-market territory.

The Federal Reserve building in Washington, D.C.
(Image credit: Getty Images)

The major indexes spent most of the day bouncing around as investors awaited the mid-afternoon release of the minutes from the Federal Reserve's June policy-setting meeting, where the central bank issued its first 75 basis-point rate hike in nearly three decades. A basis point is one-one hundredth of a percentage point.

The meeting minutes revealed that another hefty rate hike is likely coming when the Fed meets later this month (July 26-27) as the central bank tries to tame red-hot inflation. Specifically, the minutes suggested that "an increase of 50 or 75 basis points would likely be appropriate at the next meeting."

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Disclaimer

Karee Venema was long AMZN as of this writing.

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Karee Venema
Senior Investing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.