Wall Street stocks finished a choppy session higher as investors took an optimistic view of Federal Reserve minutes that reiterated plans to raise interest rates.
Analysts welcomed statements that the Fed intends to move "expeditiously" to increase the benchmark borrowing rate and offload the massive bond holdings to tamp down inflation, statements that investors hope could improve the picture before long.
"If the Fed is this aggressive, it's not impossible to think that by July or August you could see an improvement in inflation that might limit the need for further tightening," said Gregori Volokhine of Meeschaert Financial Services, adding that markets were also pleased that the minutes did not mention a three-quarters point interest rate hike.
The Dow Jones climbed 0.6 percent to 32,120. The S&P 500 advanced 1 percent to 3,978, while the Nasdaq jumped 1.5 percent to 11,434.
Earlier, data showed that orders for US-made, big-ticket manufactured goods continued their upward trend last month, rising 0.4 percent in April, slightly less than what analysts had expected but still indicating positive momentum.
In terms of individuals stocks, Dick's Sporting Goods jumped nearly 10 percent after reporting better than expected quarterly profits.
Toll Brothers jumped 8.0 percent after reporting a jump in its quarterly profits. The homebuilder described demand as still strong despite some moderation due to higher mortgage rates. (AFP)