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The S&P 500 was flat on Wednesday after the U.S. Federal Reserve held interest rates and its monthly bond-buying program steady and gave no sign it was ready to reduce its support for the.
Dow, Nasdaq weighed down by Microsoft, Amgen; all eyes on Fed
By Shreyashi Sanyal and Shivani Kumaresan
Reuters
(Reuters) - The Dow and Nasdaq indexes fell on Wednesday as Amgen and Microsoft weighed, while investors focused on a Federal Reserve meeting for updates on monetary policy and waited for another batch of earnings from big technology firms.
The U.S. central bank s policy statement is expected to largely follow the mold established in December, when the Fed said it would not change monetary policy until there was substantial further progress in meeting its maximum employment and 2% inflation goals. The statement is due at 2 p.m. EDT.
4 Min Read
(Reuters) - A surge in shares of Alphabet following strong earnings drove the S&P 500 to a record high and bolstered the Nasdaq index, while investors hoped that the Federal Reserve would stick to its promise of keeping monetary policy loose.
FILE PHOTO: A man walks by the Federal Reserve Bank of New York Building in New York City, U.S., April 26, 2021. REUTERS/Shannon Stapleton
Google parent Alphabet Inc jumped 5.4% on reporting a record profit for the second consecutive quarter and announcing a $50 billion share buyback.
The S&P 500 communication services sector, which houses Alphabet, added 2.3% and led gains among the 11 major S&P 500 sectors.
2 minute read
The S&P 500 ended lower on Wednesday after the U.S. Federal Reserve held interest rates and its monthly bond-buying program steady and gave no sign it was ready to reduce its support for the recovery.
Despite the improving economy, the Fed repeated the guidance it has used since December, saying it must see âsubstantial further progressâ towards its inflation and employment goals before stepping back from its monthly bond purchases. The Fed underscored a lot of uncertainty remains. In this kind of a backdrop, with inflation being transitory, they ll continue to be pedal to the metal in terms of monetary policy, said Kevin Flanagan, head of fixed income strategy at WisdomTree Funds.