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, awaiting the Federal Reserve's decision on interest rates to curb inflation. The S&P 500 climbed 0.4 percent, marking its second gain in eight days. The Dow Jones Industrial Average slipped by 26 points, or 0.1 percent, while the Nasdaq composite increased by 0.7 percent.
Oil prices and bond yields contributed to the stock market's steady performance. Brent crude, the global benchmark, declined by 3.1 percent to $105.39, easing after recent fears of prolonged conflict in the Middle East. This decline in oil prices, along with pressure from the bond market, supported the market rally.
The 10-year Treasury yield dropped to 4.96 percent from 5.00 percent late Tuesday, marking the first time since 2023 that it exceeded 5 percent. This downward trend in bond yields had an impact on mortgage and loan rates.
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