Stock Market Today: S&P closes lower in wild ride as Fed keeps rate unchanged

Investing.com-- The S&P 500 closed lower Wednesday after swinging between gains and losses as the Federal Reserve kept rates unchanged on Wednesday, but the central bank maintained its easing basis, downplaying the prospect of rate hikes.within a 5.25% to 5.5% range, and signaled that rates could likely remain higher for longer than previously expected, but kept the rate hikes off the table.

The Fed's approach to "dealing with excess inflation pressure has been to rely on the 'higher for longer' strategy for interest rates," Jefferies said. "Nothing from today's communication suggests that is going to change any time soon," it added. As well as rising crude supplies, crude prices were also pressured by growing expectations that a ceasefire agreement between Israel and Hamas could be in sight, reducing tensions in the region and cutting the likelihood of oil supplies being disrupted.5 rate cuts rally 4 rate cuts rally 2 rate cuts rally no rate cuts in 2024 rally..let's see how far they can take it upSP500 up over 25% for rate cuts starting in March. Now, there are no cuts in 2024, yet stocks reverse losses. Delusional.

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