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Despite trading higher during the previous trading session prior to the release of the U.S. Federal Reserve, most U.S. stocks fell during the trading session on Thursday shortly after the release of the Federal Reserve’s previous policy meeting.

The FOMC meeting minutes revealed that the Fed is still on track to announce more interest rates this year and raise global bond yields.

U.S. Dollar Movement

The greenback rallied to a one-week high during the trading session on Wednesday pushing further its mostly positive movement from last weak supported by short-term Treasury yields as well as the confidence of Federal Reserve policymakers as well as their belief in raising interest rates further.

The U.S. dollar index which has rallied by 2% for the past couple of trading sessions has recently gained 0.37% to 90.046 from a previous high of 90.134 during the earlier session.

The dollar is currently at its highest level since last week as investors digested the Federal Reserve policy meeting minutes and the overall market reaction.  The index which was previously down by more than 1% during the past week has hit its lowest level in the last three years has recovered from its recent lows.

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Wall Street Shares

The S&P 500 was trading up by as much as 0.62% to 2,733 during the earlier trading session with stocks from the technology and industrial sector being one of the biggest gainers. While the index traded by more than 1%, it erased its previous gains shortly after the release of the Fed meeting minutes with the benchmark closing 0.6% lower to 2,701.

The Dow Jones Industrial Average was also 0.7% lower. It previously rose 0.88% to 25,183.44. The Nasdaq Composite which was 1.18% higher to 7,319.97 also traded down by 0.2%. Most Wall Street shares gained earlier during the stabilization of European markets from trading weaker during the past week as well.

The rally in the greenback also pushed U.S. yields higher and gold prices lower by $5 during the past week to as low as $1,324 per ounce. On the other hand, crude oil prices were mostly affected by the rise in U.S. shale and crude output.

Most Wall Street shares have slipped earlier during the week on the decline in Walmart shares in the middle of concerns on whether the Federal Reserve is still on track to announce steady rate hikes. The Dow Jones was down by as much as 250 points on Wednesday.

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