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Stock market today: Wall Street holds most of its gains after Federal Reserve keeps rates steady

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NEW YORK (AP) — U.S. stocks are holding onto most of their gains for the day after the Federal Reserve held its main interest rate steady. The S&P 500 was 0.9% higher Wednesday afternoon after rising as much as 1.

NEW YORK — U.S. stocks are holding onto most of their gains for the day after the Federal Reserve held its main interest rate steady. The S&P 500 was 0.9% higher Wednesday afternoon after rising as much as 1.3% earlier following a surprisingly encouraging report on inflation. The Dow Jones Industrial Average was close to flat, while the Nasdaq composite was up 1.6%.

For Wall Street, a slowdown in inflation not only helps U.S. households struggling to keep up with fast-rising prices, it also opens the door for the Federal Reserve to cut its main interest rate. Such a move would ease pressure on the economy and give a boost to investment prices. “This is good news, but we will need more of it,” according to Lindsay Rosner, head of multi-sector investing within Goldman Sachs Asset Management.

That had areas of the stock market that tend to benefit most from lower interest rates doing the best amid a widespread rally. Lower interest rates could also pull down mortgage rates and inject energy into the housing market. Homebuilder D.R. Horton climbed 4.8%.

 

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