U.S. stocks ended mostly lower on Wednesday, as investors digested the Federal Reserve’s latest monetary policy decision and outlook for the economy over the next several years. The Dow Jones Industrial Average fell 282.31 points, or 1.04%, to 26,989.99. The S&P 500 was down 17.04 points, or 0.53%, to 3,190. The Nasdaq Composite gained 66.59 points, or 0.67%, to 10,020.35.
Oil futures finished higher on Wednesday, buoyed by weakness in the dollar that followed the Federal Reserve’s announcement that it plans to keep interest rates at near zero through 2022. West Texas Intermediate crude for July delivery rose 66 cents, or 1.7%, at $39.60 a barrel. Brent oil for August delivery added 55 cents, or 1.3%, to reach $41.73 a barrel.
The Federal Reserve decided on Wednesday to hold interest rates steady at near-zero, signaling its intention to support a post-COVID economic recovery by keeping rates at the lower bound through at least 2022.
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