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Stocks rose, while the dollar fell after the Federal Reserve noted that interest rates will remain low to fuel recovery from a pandemic-induced recession.
The S&P 500 extended the gains after the Fed dropped rates near zero, saying it would keep them there until at least 2023. Banks and energy companies led the way, while tech stocks underperformed. It was the last scheduled Fed meeting before the November 3 US election. President Jerome Powell will hold a press conference at 2:30 pm Washington time.
The Federal Open Market Committee “hopes to maintain an accommodative monetary policy stance” until it achieves an average inflation of 2% over time and long-term inflation expectations remain well anchored at 2%, said the central bank in a statement Wednesday after two daily policy meetings.
These are some of the main movements in the markets:
Stocks
- The S&P 500 advanced 0.4% as of 2:12 p.m. New York time.
- The Stoxx Europe 600 Index was up 0.6%.
- The MSCI Asia Pacific Index increased 0.6%.
Coins
- The Bloomberg Dollar Spot Index fell 0.2%.
- The euro fell 0.2% to $ 1.1829.
- The Japanese yen appreciated 0.5% to 104.95 per dollar.
Captivity
- The 10-year Treasury yield changed little to 0.68%.
- Germany’s 10-year yield fell one basis point to -0.48%.
- Great Britain’s 10-year yield fell one basis point to 0.211%.
Raw Materials
- The Bloomberg Commodity Index gained 0.7%.
- West Texas Intermediate crude rose 4.5% to $ 40.01 a barrel.
- Gold strengthened 0.5% to $ 1,963.37 an ounce.
– With the assistance of Joanna Ossinger, Andreea Papuc, Cecile Gutscher, Lynn Thomasson, Lu Wang, Constantine Courcoulas, Vildana Hajric and Kamaron Leach
