The Federal Reserve kept interest rates unchanged
Wall Street was mixed Wednesday, after the Federal Reserve paused its interest rate hike campaign. The central bank, however, said more rate hikes are likely to come later in the year. The Dow snapped its six-day winning streak after shedding more than 230 points, while the S&P 500 and Nasdaq extended their run to five straight, logging moderate gains.
Continue reading for more on today's market, including:
5 Things to Know Today
- At least two key Senate Democrats are requesting a Justice Department inquiry into the PGA-LIV merger. (CNBC)
- The U.S. economy is pacing for better-than-expected growth that could prolong high inflation, says the central bank. (MarketWatch)
- Why UnitedHealth stock hit a 52-week low.
- Facebook parent earns two price-target hikes.
- A simple but proven SPX indicator for bulls.
There were no earnings of note today.
Oil Prices Fall After EIA Report
Oil futures dipped Wednesday, following the Energy Information Administration's (EIA) report that showed weekly increases in U.S. crude, gasoline, and distillate supplies. For the session, July-dated crude shed $1.15, or 1.7%, to close at $68.27 per barrel.
Gold futures moved higher after the Fed's latest interest rate decision. August-dated gold gained $10.30, or 0.5%, to close at $1,968.90 an ounce today.