Stocks pared gains after the release of Fed minutes, which showed concerns about global economic growth, but still closed higher. Bobbi Rebell reports.
Stocks got back on track Wednesday, posting gains after the Fed released its minutes from its previous meeting. The Fed debated an April rate hike but decided that the risks tied to the global slowdown warranted a cautious approach. Vespula Capital CEO Jeff Tomasulo: (SOUNDBITE) JEFF TOMASULO, CEO, VESPULA CAPITAL, (ENGLISH) SAYING: "What the equity market really likes is decisiveness. What is the action that the Fed is going to take. One you have the uncertainty out of there the markets can behave like a free market." Crude oil jumped nearly five percent after data showed an unexpected draw in U.S. crude stockpiles last week Both Pfizer and Allergan stocks rose after the companies officially announced they were walking away from their $160 billion merger deal. New treasury rules aimed at stopping inversions, where companies move overseas to cut taxes, were blamed for the decision. The U.S. Justice Department has filed a lawsuit to stop Halliburton from buying Baker Hughes, saying the combination would hurt competition in the oil services sector. Halliburton, which has offered to divest some assets, and has said it would vigorously contest the lawsuit. Shares of both companies rose. A miss for Monsanto. The world's largest seed company reported lower-than-expected quarterly profit and revenue. It had to discount its seeds to meet farmer's tighter budgets. Constellation Brands rose after reporting higher-than-expected quarterly sales. In Europe. shares moved higher, in part driven by strength in retail stocks.