Wall Street closes mixed as Thanksgiving break kicks off
- Trading volume remained relatively low on Wednesday.
- Rising crude oil prices boosted energy shares.
- Wall Street didn't show a significant reaction to FOMC minutes.
Following its record-setting rally on Tuesday, major equity indexes in the U.S. finished the choppy session mixed amid the thin trading volume ahead of the Thanksgiving break.
Two of the biggest cell phone carriers, AT&T and Verizon Wireless, recorded robust gains for the second day in a row, allowing the S&P 500 Telecom Services Sector (SPLRCL) to become the best performing sector of the day with 1.67% gain.
Following the API's report on Tuesday, the EIA also announced a drawdown in crude oil inventories in the U.S., lifting the barrel of West Texas Intermediate to its highest level since June of 2015 at $58.10. Boosted by the robust performance of the WTI, the S&P 500 Energy Sector (SPNY) closed the day 0.45% higher.
In the meantime, the FOMC's November meeting minutes failed to impact the expectations of a December rate hike. However, the statement showed that participants were concerned about the low inflation, and the US Dollar Index dropped to a fresh monthly low at 93.13. Nonetheless, stock markets ignored the DXY's reaction and remained in their daily ranges. “Not a lot of revelations came through in the Fed minutes, seems everyone is packed up,” John Velis, vice president of Global Macro Strategy at State Street Global Markets in Boston, told Reuters.
The Dow Jones Industrial Average dropped 63.28 points, or 0.27%, to 23,527.55, the S&P 500 lost 2.03 points, or 0.08%, to 2,597.00 and the Nasdaq Composite added 4.08 points, or 0.06%, to 6,866.56.