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Dow rises slightly as Fed pledges to keep rates low

News Source: WND

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(CNBC) – The Dow Jones Industrial Average eked out a small gain on Wednesday after the Federal Reserve indicated it will keep interest rates lower over the next few years. However, the broader market S&P 500 struggled as shares of major tech companies declined.

The 30-stock Dow closed 36.78 points higher, or 0.1%, at 28,032.38. The S&P 500, meanwhile, slid 0.5% to 3,385.49. The tech-heavy Nasdaq Composite dropped 1.3% to 11,050.47. Both the Dow and S&P 500 hit their session highs after the Fed’s announcement was released, but they quickly gave back those gains.

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Apple dropped nearly 3%. Facebook ended the day down 3.3% and Amazon slid 2.5%. Netflix also fell more than 2%. Alphabet and Microsoft each closed more than 1% lower. A 1.4% gain in Goldman Sachs helped the Dow close positive for the session.

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