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Record closes on Wall Street as Federal Reserve keeps interest rates unchanged for now | KRVN Radio

Record closes on Wall Street as Federal Reserve keeps interest rates unchanged for now

tarabird/iStock/Thinkstock
tarabird/iStock/Thinkstock

(NEW YORK) — Little movement on Wall Street, but record-setting closes for two major indices on Wednesday, as the Federal Reserve announces no change in interest rates.

The Dow Jones Industrial Average gained 41.79 to end the day at 22,412.59. That marked the 42nd record-high this year for the Dow.

The Nasdaq dropped to a close of 6,456.04, losing 5.28 on the day, while the S&P 500 edged up 1.58 to finish the session at 2,508.23. Wednesday was the 37th record close for the S&P 500 this year.

The Federal Reserve said it would leave interest rates unchanged today, but that a hike remains likely before the end of the year. Three additional hikes are possible for next year.

According to the Fed’s minutes, economic activity has been rising moderately, job gains have remained solid and the unemployment rate has stayed low. Household spending and business investment growth have both increased.

Fed Chair Janet Yellen said that she expects that Hurricanes Harvey and Irma will impact the American economy, but that those effects are unlikely to damage economic growth long-term.

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