Stocks got a brief bump from news that the Federal Reserve doesn’t plan to raise rates this year, but still ended mostly lower Wednesday after those gains faded.
Bond prices rose sharply after the Fed forecast slower economic growth. That sent bond yields down to the lowest they’ve been in more than a year. Banks fell sharply as the outlook for higher rates dimmed.
The S&P 500 dropped 8.34 points, or 0.3 per cent, to 2,824.23.
The Dow Jones Industrial Average fell 141.71 points, or 0.5 per cent, to 25,745.67.
The Nasdaq composite added 5.02 points, or 0.1 per cent, to 7,728.97.
The Russell 2000 index of smaller-company stocks gave up 11.83 points, or 0.8 per cent, to 1,543.16.
For the week:
The S&P 500 is up 1.75 points, or 0.1 per cent.
The Dow is down 103.20 points, or 0.4 per cent.
The Nasdaq is up 40.44 points, or 0.5 per cent.
The Russell 2000 is down 10.38 points, or 0.7 per cent.
For the year:
The S&P 500 is up 317.38 points, or 12.7 per cent.
The Dow is up 2,418.21 points, or 10.4 per cent.
The Nasdaq is up 1,093.69 points, or 16.5 per cent.
The Russell 2000 is up 194.60 points, or 14.4 per cent.
The Associated Press