Stocks close on a positive note following a key two-day Federal Reserve meeting.
 | WED, SEP 22, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 145.85 | +2.42 | +1.69% | | MSFT | 298.58 | +3.78 | +1.28% | | INTC | 53.50 | +0.63 | +1.19% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 145.85 | +2.42 | +1.69% | | F | 13.23 | +0.46 | +3.60% | | BAC | 40.14 | +1.01 | +2.58% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 145.85 | +2.42 | +1.69% | | FB | 343.21 | -14.27 | -3.99% | | AMD | 104.38 | +1.56 | +1.52% | |
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The Federal Reserve maintained its easy monetary policy on Wednesday, saying a rollback of stimulus "may soon be warranted," but is not imminent.
Major averages held onto most of their gains following the Fed decision. The Dow Jones Industrial Average advanced 338.48 points, while the S&P 500 rose nearly 1%. Both benchmarks snapped a four-day losing streak.  The central bank has been buying $120 billion a month of Treasurys and mortgage-backed securities since the start of the Covid crisis. The Federal Open Market Committee voted unanimously to keep short-term rates anchored near zero on Wednesday. "While a taper announcement, maybe, is coming in November, that they didn't do so today just reflects a still uber dovish committee," said Peter Boockvar, chief investment officer at Bleakley Advisory Group. The Fed is still split on the timing of the first interest rate hike. Wednesday's so-called dot plot of projections showed nine of the 18 FOMC members expect a rate increase in 2022. That's up from seven in June's Fed projections. "If you take a step back, the Fed's stance is still accommodative and it's reasonable for the Fed to want to return to a state of normalcy if the economy is as robust as the data suggests," said Mike Loewengart, managing director of investment strategy at E-Trade. |
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