Stocks Ended Higher on Fed Rate-cut Hopes

U.S. stocks ended solidly higher on Wednesday after comments from Federal Reserve officials indicated they would be willing to take action to help preserve the economic expansion amid escalating global trade tensions. The Dow Jones Industrial Average rose 207.39 points, or 0.82%, to 25,539.57. The S&P 500 advanced 22.88 points, or 0.82%, to 2,826.15. The Nasdaq Composite gained 48.36 points, or 0.64%, to 7,575.48.

Oil futures dropped Wednesday, as domestic data revealed a weekly crude supply climb of almost 7 million barrels. West Texas Intermediate crude for July delivery lost $1.80, or 3.4%, to settle at $51.68 a barrel. August Brent fell $1.34, or 2.2%, to $60.63 a barrel.

The Fed released its Beige Book Tuesday afternoon, containing anecdotes detailing economic conditions in each of the Federal Reserve Districts. The anthology suggested a “slight improvement over the previous period” in April and May across the 12 districts with regard to growth.