Stocks Ended Mixed, Nasdaq Hit Record High

U.S. stocks ended mixed on Wednesday, with the Nasdaq posting record closing high, as traders digested the Federal Open Market Committee’s December monetary policy decision. The Dow Jones Industrial Average fell 44.77 points, or 0.15%, to 30,154.54. the S&P 500 rose 6.55 points, or 0.18%, to 3,701.17. The Nasdaq Composite gained 63.13 points, or 0.50%, to 12,658.19.

Oil futures turned slightly higher Wednesday, as hopes built for progress toward another economic relief package from Washington and data from the U.S. government revealed a weekly decline in crude inventories. West Texas Intermediate crude for January delivery edged up by 20 cents, or 0.4%, to settle at $47.82 a barrel. February Brent crude added 32 cents, or 0.6%, at $51.08 a barrel.

Federal Reserve Chairman Jerome Powell promised once again to use the central bank’s full range of tools until the labor market and the economy recover from the pandemic, in his last policy briefing of 2020. The Fed also said it would keep buying bonds until it sees lower U.S. unemployment and higher inflation and will buy at least $80 billion a month of Treasury bonds and $40 billion of agency mortgage-backed securities.