Stocks Ended Mixed after Fed Decision

U.S. stocks ended mixed on Wednesday after Fed pledged to leave rates near zero, but warned on need for fiscal boost. The Dow Jones Industrial Average rose 36.78 points, or 0.13%, to 28,032.38. The S&P 500 was down 15.71 points, or 0.46%, to 3,385.49. The Nasdaq Composite declined 139.86 points, or 1.25%, to 11,050.47.

Oil futures rallied on Wednesday, with U.S. prices ending above $40 a barrel after U.S. government data that showed an unexpectedly large weekly drop in U.S. crude inventories, while production curtailments in the Gulf of Mexico caused by Hurricane Sally worsened. West Texas Intermediate crude for October delivery rose $1.88, or 4.9%, to settle at $40.16 a barrel. November Brent added $1.69, or 4.2%, to $42.22 a barrel.

The Federal Reserve on Wednesday kept rates steady at near-zero, suggesting that interest rates will likely stay there through the end of 2023, as policymakers look to boost the virus-stricken economy.