(CNBC) — U.S. stocks climbed Wednesday, recouping a chuck of the prior two-day drop, after minutes from the Federal Reserve's last meeting noted an improving economy and labor market, while setting the stage for the central bank's eventual exit from its course of monetary easing.
The Federal Open Market Committee on Wednesday afternoon released minutes from its two-day gathering in June, at which the central bank reduced monthly bond purchases to $35 billion. The minutes pointed to the likely end of the asset-buying program also known as quantitative easing, or QE, in October.
"Their assessment of the economy, we think, is that the economy can now take its training wheels off, that there is now some degree of sustainable momentum where we can talk about" removing accommodation, said Jim Russell, senior equity strategist for US Bank Wealth Management, who noted the minutes were taken before the surprisingly strong June payrolls report.
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