đ Dow Up, S&P and Nasdaq Down as Fed Maintains Rates
Stocks finished Wednesday mixed, with only the Dow rising, as indexes backed off earlier highs following the Fedâs widely expected decision to keep rates steady.
Key Takeaways from Fed Chair Jerome Powell's Press Conference
Fed Chair Jerome Powell addressed a key question early in his press conference, and said it's "unlikely the next policy rate move will be a hike." Here's a wrap-up of key takeaways from the presser.
Earnings Season Update: Amazon Rises, Starbucks and CVS Health Fall
Meantime, earnings season rumbled on. Amazonâs shares rose after its strong results, while shares of Starbucks and CVS Health dropped sharply.
Market Recap:
As of 4 p.m. ET:
Stock indexes were mixed. The S&P and Nasdaq dropped about 0.3%, while the Dow ended up 0.2%, or about 87 points.
The finish came as stocks handed back afternoon gains. The Nasdaq, for example, finished lower after rising 1.7% at its intraday high.
The yield on the 10-year Treasury note ticked down after the Fed announcement. It settled at 4.591%, down from 4.683% Tuesday. The Treasury Department said early Wednesday that it would maintain the size of current note and bond auctions in the coming months.
Japan's yen held near this week's multidecade lows, at around 157.65 to the dollar.
Trump Media shares fell after the parent company of Truth Social said it gave Donald Trump a stock grant that was worth $1.8 billion.
Bitcoin fell further, trading at below $57,000. It's still up nearly 34% this year, however.
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