The central bank, as expected, made the decision to hold interest rates steady
The Dow waffled again today, eventually settling in positive territory, as Wall Street kept its eye on the Fed meeting. The central bank as expected said it would hold interest rates steady for the time being, hinting that no changes in monetary policy may be needed for some time given how low inflation has remained. While the Nasdaq managed to outperform on strength from chip stocks, the S&P mostly followed the Dow's lead, trading flat for most of the session.
Continue reading for more on today's market, including:.
The Dow Jones Industrial Average (DJI - 27,911.30) added 29.6 points, or 0.1%. Of the 30 blue chips.14 ended higher, with United Tech (UTX) in the lead with a 1.3% pop, while Home Depot sank to the bottom on a 1.8% drop.
The S&P 500 Index (SPX - 3,141.63) settled 9.1 points, or 0.3% higher, while the Nasdaq Composite (IXIC - 8,654.05) tacked on 37.9 points, or 0.4%.
The Cboe Volatility Index (VIX - 14.99) slipped 0.7 point, or 4.4%.
5 Items on Our Radar Today
- Twitter (TWTR) CEO Jack Dorsey just announced a new research team, Bluesky, which he says will work towards an "open and decentralized standard for social media." He hopes the team of five will be able to address some of the site's current issues and create open channels of communication, no matter what the network. (CNBC)
- A blog post from YouTube's vice president for trust and safety today outlined a stricter anti-harassment policy, which will include updated methods in which to flag comments deemed as harassment, and more serious consequences for those who continue to engage in these types of bullying behavior. (MarketWatch)
- 3 reasons to love Stamps.com stock right now.
- Behind one pharma stock's unbelievable two-month rally.
- The bull note that gave Mastercard stock a boost today.
Oil Sinks on Surprise Crude Inventory Build
A bigger-than-expected spike in weekly U.S. crude inventories knocked oil prices lower today. January-dated crude futures lost 48 cents, or 0.8%, to settle at $58.76 per barrel.
Gold prices explored both sides of breakeven as investors eyed today's Fed meeting results, before eventually settling higher, as the U.S. dollar cooled. February gold futures added $6.90, or 0.5% to settle at $1,475 an ounce.