© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. REUTERS/Brendan McDermid/File Photo
By Stephen Culp
NEW YORK (Reuters) -Wall Street edged higher on Wednesday as a robust upward GDP revision eased worries about a possible U.S. recession, while Federal Reserve officials’ remarks left unresolved questions about the duration of the central bank’s restrictive policy.
All three indexes were modestly higher, paring initial gains after Richmond Fed President Thomas Barkin expressed skepticism that the central bank’s tightening cycle is finished, keeping the option of another rate hike on the table in case inflation flares up again.
Despite the indexes’ languid movement over the last three sessions, November has been a banner month. The remains on track to notch its biggest monthly percentage gain since July 2022.
“Investors are going with the flow, and the flow is upward as the year comes to a close,” said Sam Stovall, chief investment strategist of CFRA Research in New York. “Investors are waiting for another catalyst – a catalyst of confidence – to help shift the market into overdrive so it can…
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