Closing Bell: Fed Expects Balance-Sheet Unwind in Months; Nasdaq Leads Markets

The S&P 500 and Nasdaq held onto gains through the afternoon session after the Federal Reserve signalled a willingness to continue tightening monetary policy. In minutes from its June meeting, "several" Fed members backed an unwinding of its balance sheet within a "couple of months." The Fed also reiterated its view that inflation weakness was transitory. Crude oil prices suffered their largest decline in a month on Wednesday after Russia knocked down the chances of further cuts among the Organization of Petroleum Exporting Countries. Advanced Micro Devices Inc. (AMD) - Get Report and other chipmakers rallied after positive industry data. Global chip sales in May rose at their largest pace since 2010.