S&P 500 closes flat after Fed keeps rates near zero, Dow falls 160 points
The S&P 500 closed around the flat line on Wednesday after the Federal Reserve left interest rates unchanged in its latest policy decision and hinted that it would keep easy monetary policy where it is for some time despite a strengthening economy and rising inflation.
The S&P 500 dipped 0.08% to 4,183.18, despite touching an intraday record earlier in the session. The Dow Jones Industrial Average shed 164 points to close at 33,820.38, dragged down by a 7.2% drop in Amgen’s stock on disappointing earnings. The Nasdaq Composite traded lower by 0.28% to 14,051.03.
The Fed wrapped up its two-day policy meeting on Wednesday, where the central bank left rates near zero. It upgraded its assessment of the economy and acknowledged inflation was rising.
S&P, Nasdaq 100 futures are higher after Apple & Facebook beat estimates
U.S. stock index futures were mixed in overnight trading on Wednesday, after the major averages posted losses for the day.
Futures contracts tied to the Dow Jones Industrial Average shed 3 points. S&P 500 futures advanced 0.2%, while Nasdaq 100 futures gained 0.5%.
Apple and Facebook’s strong quarterly results boosted futures. Apple said that sales jumped 54% during the quarter, with each product category seeing double-digit growth. The company also said it would increase its dividend by 7%, and authorized $90 billion in share buybacks. Facebook’s revenue jumped 48%, driven by higher-priced ads.
Reference: CNBC
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