The U.S. stock markets closed largely unchanged on Wednesday. At the close in New York, the Dow Jones Industrial Average was calculated at 49,016 points, a small gain of only a few points compared with the previous session.
Only minutes earlier, the broader S&P 500 hovered around 6,978 points, trading just a few points lower. The technology-focused Nasdaq was quoted at about 26,023 points, down 0.3 % at that time.
Despite pressure from U.S. President Donald Trump, the Federal Reserve did not cut its benchmark interest rate on Wednesday. Fed Chair Jerome Powell said, “After reducing our federal funds rate by 75 basis points over the course of our last three meetings, we consider the current policy stance appropriate to advance progress toward both our maximum‑employment and 2 % inflation goals”. He added that the Fed would continue its work “with objectivity, integrity, and dedication to the American people”. The chair is currently the subject of an investigation by the U.S. Department of Justice.
On the international side, the euro weakened by Wednesday evening. One euro traded at $1.1949, making the dollar worth 0.8369 euros.
Gold again saw a sharp rally. By evening, a fine ounce fetched $5,389, an increase of 4.1 % from the previous close-equivalent to €144.99 per gram.
Oil prices rose noticeably as well. At around 10 p.m. German time, a barrel of North Sea Brent crude was priced at $68.52, up 95 cents or 1.4 % from the prior day’s close.
