Market Snapshot: Stocks climb as Fed keeps interest rates unchanged, lifts ‘patient’ from statement [MarketWatch]
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Source: MarketWatch
Stocks climb as Fed keeps interest rates unchanged, lifts ‘patient’ from statement U.S. stocks shook off earlier weakness to trade modestly higher Wednesday after the Federal Reserve kept interest rates unchanged as widely expected but indicated that it is not likely to make a move on rates until 2020. The Dow Jones Industrial Average DJIA, +0.15% rose 59 points, 0.2%, to 26,523 while the S&P 500 index SPX, +0.30% added 6 points, or 0.2%, to 2,924 and the Nasdaq Composite Index COMP, +0.42% gained 17 points, or 0.2%, to 7,971. The Dow and the S&P 500 are both about 1% off their record highs. The Fed said it will “closely monitor” the economy given increasing uncertainties even as it signaled that it is not projected to lower rates before 2020 . The central bank also remained mostly optimistic, but said inflationary pressures have receded, compelling it to lower its forecast for PCE inflation in 2019 to 1.5% from 1.8%, below its 2% target. At the same time, it left its gross d
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