Stocks rose slightly on Wednesday as investors waited to hear the Federal Reserve’s latest decision on monetary policy.
The Dow Jones Industrials had ventured negative 31.66 points to move into noon hour at 27,850.06, as more than 1% gains in Dow Inc and Johnson & Johnson were offset by a 2% drop in Boeing shares.
The S&P 500 moved up 4.48 points to 3,137.00
The NASDAQ gained 17.53 points to 8,633.72
Boeing shares fell after Federal Aviation Administration Chief Steve Dickson told reporters the re-certification process for the 737 Max will stretched into 2020.
The Fed is largely expected to keep rates unchanged. But Fed Chairman Jerome Powell is also expected to signal the central bank will take appropriate measures to keep liquidity high and overnight lending rates steady to end the year.
The central bank cut rates at its October meeting by 25 basis points for the third time this year. The Fed also signaled the bar for further rate cuts would be high moving forward. Recent economic data could support the Fed keeping rates at current levels in the near future.
Prices for the 10-Year U.S. Treasury enjoyed gains, lowering yields to 1.81% from Tuesday’s 1.84%. Treasury prices and yields move in opposite directions.
Oil prices dropped 63 cents to $58.61 U.S. a barrel.
Gold prices improved $7.30 at $1,475.40 U.S. an ounce.
