Dow and S&P 500 Ended at Records after Fed Statement

The Dow and the S&P 500 ended at records on Wednesday after the Federal Reserve signaled that it expects another rate hike by year end and said it would begin reducing its balance sheet. The Dow Jones Industrial Average rose 41.79 points, or 0.19%, to 22,412.59. The S&P 500 gained 1.59 points, or 0.06%, to 2,508.24. The Nasdaq Composite dropped 5.28 points, or 0.08%, to 6,456.04.

the Federal Reserve kept interest rates unchanged on Wednesday and announced a timeline for reducing its $4.5 trillion balance sheet. After its two-day policy meeting, the Federal Open Market Committee unanimously voted to hold the federal funds rate between 1.00% and 1.25% and begin the process of shrinking its balance sheet by October.

Oil prices finished at the highest level in months Wednesday, buoyed by tensions between the U .S. and Iran and expectations that OPEC will decide to extend its production-cut deal. October West Texas Intermediate crude rose 93 cents, or 1.9%, to settle at $50.41 a barrel. November Brent crude advanced $1.15, or 2.1%, to $56.29 a barrel.