|Day's Range||7,674.04 - 7,779.24|
|52 Week Range||6,190.17 - 8,133.30|
Federal Reserve Chairman Jerome Powell said the central bank is not going to "overreact" to fiscal policies as it remains on pause on rate hikes.
European equity markets were expected to follow Asia's lead. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 percent. Australian shares ended flat after see-sawing throughout the day.
Shares in Asia traded higher in afternoon trade. Japan's stock markets were closed on Thursday for a holiday. The Fed announced Wednesday it would be holding steady on interest rates and indicated that no more hikes would be coming this year.
The Dow Jones Industrial Average dropped 0.55% to close at 25,745.67. The S&P 500 lost 0.29% to end at 2824.23, and the Nasdaq Composite edged up 0.07% to close at 7728.97.
A dovish Fed should be good news for the market. Instead the Dow finished the day down 142 points. Here are some possible reasons why.
The Dow has dropped 12.10 points, or 0.1%, to 25,899.48, the S&P 500 has risen 0.3% to 2840.70, and the Nasdaq Composite has gained 0.6% to 7772.17. The Fed left rates unchanged, while its dot plot signals no rate hikes in 2019. The Fed also said that the mortgage-backed securities on its balance sheet could be reinvested in Treasuries.
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“The single most prominent bullish influence on stocks right now is the dovish Fed,” writes one strategist.
The main stock indexes were flat ahead of the Federal Reserve’s interest-rate announcement, but earnings news moved shares of General Mills and FedEx.
Meanwhile, the U.S. Federal Reserve is set to announce its decision on interest rates later on Wednesday following its two-day monetary policy meeting. Shares in major Asian stock markets mostly slipped on Wednesday following a series of conflicting reports on U.S.-China trade that surfaced overnight. The mainland Chinese markets recovered partially from their earlier losses but still ended their trading day lower, with the Shenzhen component declining 0.398 percent to 9,800.60 and the Shenzhen composite shedding 0.248 percent to 1,684.57.
News that China might be backing away from trade promises caused gains from earlier in the day to evaporate. The Dow ended 0.10% lower at 25,887.38, while the S&P 500 slipped 0.01% to end at 2832.57. The Nasdaq Composite eked out a 0.12% gain to close at 7723.95.
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The Dow was up nearly 200 points—and then reports that China may be backing away from some of its trade promises hit the wires.
Stocks are broadly higher on Tuesday, building on morning momentum. The Dow Jones Industrial Average is up 0.5%, at a recent check, while both the S&P 500 and Nasdaq Composite are 0.4% higher.
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The Federal Reserve will release its monetary statement tomorrow, but the market doesn’t seem to worried about what Chairman Jerome Powell will say.
Shares in Asia were tepid on the day. The U.S. Federal Reserve is set to begin its two-day monetary policy meeting later on Tuesday stateside. Shares in Asia were tepid on Tuesday, ahead of a closely watched meeting by the U.S. Federal Reserve set to kick off later in the day stateside.