Stocks Rise, Bonds Turn Higher as Fed Holds Rates: Markets Wrap
- Policy makers say inflation persistently below long-term goal
- Alphabet rallies after earnings; Apple drops on growth outlook
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U.S. equities rose and Treasury yields fell after the Federal Reserve held interest rates near zero and Chairman Jerome Powell said that despite the economy’s progress he was still “a ways away” from raising them.
The Nasdaq 100 extended its advance and the S&P 500 reversed a decline to end the session little changed following the announcement. Alphabet Inc. gave the biggest boost to both indexes after it reported sales that beat estimates. The Dow Jones Industrial Average fell, with a drop in McDonald’s Corp. weighing heavily after its earnings release. Facebook Inc. dropped in postmarket trading after saying revenue growth will slow this year. Ten-year Treasury yields fell 1 basis point to 1.23% after climbing to as high of 1.27%.