Stocks close mostly higher, shaking off brief post-FOMC dip

Stocks finished mostly higher, lifting the S&P 500 just shy of a new record and shaking off a brief slide that came after Fed meeting minutes showed increasing sentiment toward raising interest rates sooner than anticipated.

The Dow was supported by solid gains from Boeing and GE, while the Russell 2000 and Nasdaq underperformed.

“The center of gravity is moving gradually to the hawkish side," Oppenheimer Funds chief economist Jerry Webman says, believing the reaction in stocks wasn’t more negative because the minutes didn’t give a reason for pessimism about corporate earnings, which he says are the market’s main driver.

Today's hawkishness likely will be offset by a dovish tone in Jackson Hole, as Fed chair Yellen is set to speak at Friday's annual economic gathering there.

Participation remains on the light side, with ~530M shares changing hands at the NYSE.

Treasury prices slumped in reaction to the FOMC discussion on rates; the 10-year note fell 7 ticks with its yield climbing 3 bps to 2.43%.

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