“We’re mildly positive for 2017 as a whole,” Supriya Menon, a senior multiasset strategist at Pictet Asset Management, told the Wall Street Journal. “You’ll have this downward pressure on” stocks from central banks scaling back stimulus. “However, macro momentum should continue.”
Consumer discretionary stocks led the advance in the S&P 500 on Wednesday, rising 1.4%, followed by a 0.9% gain in the financial sector.
Supporting the strength in discretionary names, General Motors and Ford Motor climbed after the auto makers revealed better-than-expected December sales numbers.
Markets were also waiting on the Fed to release minutes from its last policy meeting at 2 p.m. Eastern, which would provide investors with further clues on how the central bank is planning its monetary policy for the year ahead.
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