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Stocks, dollar decline after Fed holds rates steady

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A gauge of global stocks fell on Wednesday while the dollar weakened against a basket of peers after the Federal Reserve left interest rates unchanged and indicated it is still leaning toward eventual rate cuts.

Item 1 of 3 A trader works inside a booth, as screens display a news conference by Federal Reserve Board Chairman Jerome Powell following the Fed rate announcement, on the floor of the New York Stock Exchange in New York City, U.S., May 1, 2024. REUTERS/Stefan JeremiahA trader works inside a booth, as screens display a news conference by Federal Reserve Board Chairman Jerome Powell following the Fed rate announcement, on the floor of the New York Stock Exchange in New York City, U.S.

On Wall Street, the S&P 500 closed slightly lower in choppy trading in the wake of the Fed's policy announcement, after each of the three major indexes closed out April with their first monthly declines since October.But a separate report from the Bureau of Labor Statistics in its Job Openings and Labor Turnover Survey, or JOLTS, showed U.S.

The yield on benchmark U.S. 10-year notes fell 5.4 basis points to 4.63%, from 4.684% late on Tuesday, and the 2-year note yield, which typically moves in step with interest rate expectations, fell 8.6 basis points to 4.9602%, from 5.046%.

 

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