Wall Street holds steady ahead of Fed's decision as oil prices and bond yields ease
NEW YORK — Wall Street is holding steady Wednesday as it waits to hear from the Federal Reserve , which traders expect will announce a hike to interest rates later in the day to help get the nation’s high inflation under control. The S&P 500 rose 0.4 percent was on track for just its second gain in the last eight days. The Dow Jones Industrial Average was down 26 points, or 0.1 percent, as of…
Wall Street maintained its stability on Wednesday as investors awaited the Federal Reserve's decision on interest rates to tackle the country's high inflation. The S&P 500 experienced a 0.4 percent rise, marking its second gain in eight days. The Dow Jones Industrial Average fell by 26 points, or 0.1 percent, while the Nasdaq composite increased by 0.7 percent. Support from decreasing oil prices and downward pressure on the bond market contributed to this stability.
Brent crude, the global benchmark, saw a 3.1 percent drop, reaching $105.39, following concerns about the ongoing war in Iran disrupting oil supply. Consequently, the yield on the 10-year Treasury, which sets mortgage and loan rates, decreased from 5.00 percent to 4.96 percent. This marked the first time since 2023 that the 10-year yield surpassed the 5 percent mark.
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