The three major benchmarks nabbed third-straight daily wins
The Federal Reserve's decision is in and, as many on Wall Street expected, the central bank will keep interest rates unchanged. Fed Chairman Jerome Powell added that there could still be three cuts this year, despite recent hotter-than-anticipated inflation data. In response, all three major benchmarks locked in record closes and third-straight daily wins, with the S&P 500 topping the 5,200 level.
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Oil Pivots Lower; Gold Holds Steady
Oil prices finished lower on Wednesday, as the U.S. dollar gained strength and traders unpacked a weekly decline in U.S. domestic crude and gasoline inventories, as well as rising distillate stockpiles. April-dated West Texas Intermediate (WTI) dropped $1.79, or 2.1%, to settle at $83.47 per barrel on the day.
Gold prices settled modestly higher, brushing off a stronger greenback on the heels of the Fed's interest rate decision. April-dated gold added $1.30, or less than 1%, to settle at $2,161.00 per ounce on the day.