Stocks end a bit higher after Fed statement
Stocks moved back into positive territory in afternoon trading and stayed there after the Federal Reserve signaled it remains on track to raise interest rates at a gradual pace later this year.
How benchmarks fared Wednesday:
■ Dow Jones industrial average: Up 0.2%
■ S&P 500: Up 0.2%
■ Nasdaq composite: Up 0.2%
Oracle is taking an afterhours pounding after its earnings report. ORCL is down 6.9% after a big miss -- the tech icon scooped in only 78 cents in earnings per share, below the 86 cents that Wall Street expected.
The Fed did not give a specific timetable and reiterated that the precise timing will depend on the economy's performance in coming months.
The Fed has kept short-term rates at historic lows of roughly 0% since late 2008, and hasn't increased rates in nine years. But with the U.S. economy finally showing signs that it's strong enough to stand on its own six years after its low point during the 2008 financial crisis and resulting Great Recession, the U.S. central bank is getting ready to start normalizing rates.
That's causing some angst among investors as low rates and massive stimulus from the Fed are often cited as the biggest reasons why the U.S. stock market has tripled in value since the bear market low on March 9, 2009.
Oil prices gave up early gains as U.S. benchmark crude was down 1.6% to $59.04 a barrel. The yield on the 10-year Treasury note rose to 2.38% from 2.31% Tuesday.
Overseas, European markets were lower as investors continued to worry about a potential Greek default. There will little signs of progress in talks between Greece and its international creditors a day ahead of a meeting of the eurozone's finance ministers.
France's CAC 40 lost 0.5% and Germany's DAX was down 0.1%. Britain's FTSE 100 lost 0.1%.
In Asia, Japan's Nikkei 225 index fell 0.2% and Hong Kong's Hang Seng index gained 0.7%. The Shanghai Composite rose 1.7%.
Tuesday, stocks rallied with the Dow jumping 113 points as the major indexes rebounded from a two-day losing streak.
Contributing: Adam Shell