Major U.S. stock indexes closed mostly higher Wednesday after the Federal Reserve delivered an expected cut in interest rates.
Stocks initially fell after the Fed announcement, which revealed central bank policymakers are divided about the upcoming path for interest rates. The market rebounded as Fed Chairman Jerome Powell said the Fed would be ready to take action if the economy weakened.
The S&P 500 index rose 1.03 points, or less than 0.1%, to 3,006.73.
The Dow Jones Industrial Average gained 36.28 points, or 0.1%, to 27,147.08.
The Nasdaq lost 8.62 points, or 0.1%, to 8,177.39.
The Russell 2000 index of smaller company stocks dropped 9.95 points, or 0.6%, to 1,568.34.
For the week:
The S&P 500 is down 0.66 points, or less than 0.1%.
The Dow is down 72.44 points, or 0.3%.
The Nasdaq is up 0.68 points, or less than 0.1%.
The Russell 2000 is down 9.79 points, or 0.6%.
For the year:
The S&P 500 is up 499.88 points, or 19.9%.
The Dow is up 3,819.62 points, or 16.4%.
The Nasdaq is up 1,542.11 points, or 23.2%.
The Russell 2000 is up 219.79 points, or 16.3%.
The Associated Press