The bond market swung, while U.S. stocks held relatively steady after the Federal Reserve decided not to raise its main interest rate to bring down high inflation.
The S&P 500 rose 0.3% Wednesday. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite rose 0.3%.
In the bond market, the two-year Treasury yield initially jumped after the Fed held its main interest rate steady. It then reversed course after traders pared expectations for coming hikes to rates. Higher rates can help get high inflation under control, but they can also hurt the economy.
On Wednesday:
The S&P 500 rose 21.38 points, or 0.3%, to 7,743.98.
The Dow Jones Industrial Average rose 97.53 points, or 0.2%, to 52,475.10.
The Nasdaq composite rose 72.04 points, or 0.3%, to 26,549.85.
The Russell 2000 rose 11.64 points, or 0.4%, to 2,830.51.
For the week:
The S&P 500 is up 120.30 points, or 1.6%.
The Dow is up 259.94 points, or 0.5%.
The Nasdaq is up 594.51 points, or 2.3%.
The Russell 2000 is up 54.61 points, or 2%.
For the year:
The S&P 500 is up 898.48 points, or 13.1%.
The Dow is up 4,411.81 points, or 9.2%.
The Nasdaq is up 3,307.86 points, or 14.2%.
The Russell 2000 is up 348.60 points, or 14%.
